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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 Here are so

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.

 

Here are some tips:

1

A credit to the sale account with the same amount of debit to accounts receivable refer to a credit sale.

2

Entry which involves a debit to cost of goods sold and credit to inventory is a recording of the cost of sale.

3

If notes receivable is debited with the same amount credited to accounts receivable, this signifies receipt of note in lieu of cash.

4

Reversal of the initial notes receivable with a corresponding debit to accounts receivable reflects a dishonored note transaction.

 

May 03 2021 View more View Less

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