Question: The debits and credits for three related transactions are presented in the following T accounts. Describe eachtransaction. Cash Sales 32,340 35,000 Accounts Receivable Sales Discounts

The debits and credits for three related transactions are presented in the following T accounts.
Describe eachtransaction.

Cash Sales 32,340 35,000 Accounts Receivable Sales Discounts 35,000 (3) 2,000 33,000 660 Merchandise Inventory Sales Returns and Allowances 1,200 2) 21,000 2,000 Cost of Merchandise Sold 21,000 4) 1,200

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