The debits and credits for three related transactions are presented in the following T accounts. Describe eachtransaction.
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CASH SALES 9,405 12,000 ACCOUNTS RECEIVABLE SALES DISCOUNTS 12,000 (3) 2,500 9,500 95 MERCHANDISE INVENTORY SALES RETURNS AND ALLOWANCES 1,625 (2) 7,800 2,500 COST OF MERCHANDISE SOLD 7,800 (4) 1,625
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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