The series of five 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 each transaction.
A credit to the sale account with the same amount of debit to accounts receivable refer to a credit sale.
Entry which involves a debit to cost of goods sold and credit to inventory is a recording of the cost of sale.
If notes receivable is debited with the same amount credited to accounts receivable, this signifies receipt of note in lieu of cash.
Reversal of the initial notes receivable with a corresponding debit to accounts receivable reflects a dishonored note transaction.
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