EX 6-13 Sales-related transactions
The debits and credits for three related transactions are presented in the following T accounts. Describe each transaction.
| Cash | Sales | |||||||
| (5) | 32,340 | (1) | 35,000 | |||||
| Accounts Receivable | Sales Discounts | |||||||
| (1) | 35,000 | (3) | 2,000 | (5) | 660 | |||
| (5) | 33,000 | Sales Returns and Allowances | ||||||
| Merchandise Inventory | (3) | 2,000 | ||||||
| (4) | 1,200 | (2) | 21,000 | Cost of Merchandise Sold | ||||
| (2) | 21,000 | (4) | 1,200 | |||||
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