The series of five transactions recorded in the following T accounts were related to asale to a customer on account and the receipt of the amount owed. Briefly describe eachtransaction.CashNotes Receivable75,000 | (d)75,000(e)76,500(c)Accounts ReceivableCost of Goods Sold75,000 (c)75,400 (b)75,000(b)(a)45,000(d)75,400InventoryInterest Revenue45,000(b)(d)400(e)1,100Sales(a)75,000

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Asked Dec 17, 2019
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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.
Cash
Notes Receivable
75,000 | (d)
75,000
(e)
76,500
(c)
Accounts Receivable
Cost of Goods Sold
75,000 (c)
75,400 (b)
75,000
(b)
(a)
45,000
(d)
75,400
Inventory
Interest Revenue
45,000
(b)
(d)
400
(e)
1,100
Sales
(a)
75,000
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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. Cash Notes Receivable 75,000 | (d) 75,000 (e) 76,500 (c) Accounts Receivable Cost of Goods Sold 75,000 (c) 75,400 (b) 75,000 (b) (a) 45,000 (d) 75,400 Inventory Interest Revenue 45,000 (b) (d) 400 (e) 1,100 Sales (a) 75,000

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Journal: Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense accoun...

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