The series of seven transactions recorded in the following \(\mathrm{T}\) accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.

Transcribed Image Text:

CASH (7) 26,446 ACCOUNTS RECEIVABLE (5) (6) (1) 29,500 (3) 3,500 (3) 26,226 (5) 26,000 (7) 26,226 (4) MERCHANDISE INVENTORY 2,100 (2) SALES 17,700 (2) (1) 29,500 NOTES RECEIVABLE 26,000 (6) 26,000 SALES RETURNS AND ALLOWANCES 3,500 COST OF MERCHANDISE SOLD 17,700 (4) 2,100 INTEREST REVENUE (6) 226 (7) 220