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 eachtransaction.

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CASH NOTES RECEIVABLE 26,446 26,000 (6) 26,000 ACCOUNTS RECEIVABLE SALES RETURNS AND ALLOWANCES 3,500 (3) 26,000 26,226 3,500 29,500 (3) 26,226 (5) MERCHANDISE INVENTORY COST OF MERCHANDISE SOLD 2,100 (2 17,700 (2) 17,700 4) 2,100 SALES INTEREST REVENUE 29,500 226 220