Select a description for each transaction recorded in the following T accounts:Cash(c)5,042.10 Accounts Receivable(a)5,320 (b) 175 (c)5,145 Sales (a)5,320 Sales Returns andAllowances(b)175 Sales Discounts(c)102.90 descriptions available:Issued credit memo for merchandise returned or as an allowance for damaged merchandise.Received check from customer for amount paid within the discount period less the return.Sold merchandise for cash.Sold merchandise on account.Sold supplies for cash.

Answered: Select a description for each…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 1E: Record the following transactions in general journal form. a. Sold merchandise on account to D....

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Select a description for each transaction recorded in the following T accounts:

Cash
(c)	5,042.10

Accounts Receivable
(a)	5,320	(b)	175
		(c)	5,145

Sales
		(a)	5,320

Sales Returns and Allowances
(b)	175

Sales Discounts
(c)	102.90

descriptions available:

Issued credit memo for merchandise returned or as an allowance for damaged merchandise.
Received check from customer for amount paid within the discount period less the return.
Sold merchandise for cash.
Sold merchandise on account.
Sold supplies for cash.

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