Question

The debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are presented in the following T accounts. Cash (5) 13,860 Accounts Receivable (1) 14,850 (3) 990 (5) 13,860 Merchandise Inventory (4) 575 (2) 8,800 Estimated Returns Inventory (4) 575 Customer Refunds Payable (3) 990 Sales (1) 14,850 Cost of Merchandise Sold (2) 8,800 Describe each transaction. 1. Sold merchandise on account. 2. Recorded the cost of the merchandise sold and reduced the merchandise inventory account. 3. 4. 5. Check My Work5 more Check My Work uses remaining.

Answer 1

please finThe debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are presented in the following T accounts. EXPLANATIONS for these accounts are given below in an attachment

                                           

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