EX 9-21 Entries for notes receivable
The series of seven transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.
| CASH | NOTES RECEIVABLE | |||||||
| (7) | 40,602 | (5) | 40,000 | (6) | 40,000 | |||
| ACCOUNTS RECEIVABLE | SALES RETURNS AND ALLOWANCES | |||||||
| (1) | 50,000 | (3) | 10,000 | (3) | 10,000 | |||
| (6) | 40,400 | (5) | 40,000 | |||||
| (7) | 40,400 | |||||||
| MERCHANDISE INVENTORY | COST OF MERCHANDISE SOLD | |||||||
| (4) | 6,000 | (2) | 30,000 | (2) | 30,000 | (4) | 6,000 | |
| SALES | INTEREST REVENUE | |||||||
| (1) | 50,000 | (6) | 400 | |||||
| (7) | 202 | |||||||
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