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