Read the Description of the Following Transactions That Are Recorded

question 15

Essay

Read the description of the following transactions that are recorded during the accounting period for Drummond Consulting Services.Determine the account to be debited and the account to be credited.
A)Purchased merchandise with terms of net 30 days.
B)Returned some damaged merchandise to a supplier and received a credit memorandum.
C)Issued a check to a supplier as a payment on account.
D)Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price.Received a credit memorandum.
E)Purchased merchandise with terms of 2/10,n/30.The supplier's invoice includes a freight charge.

• A)Purchased merchandise with terms of net 30 days.
• B)Returned some damaged merchandise to a supplier and received a credit memorandum.
• C)Issued a check to a supplier as a payment on account.
• D)Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price.Received a credit memorandum.
• E)Purchased merchandise with terms of 2/10,n/30.The supplier's invoice includes a freight charge.

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Definitions:

Pineal Body

Also known as the pineal gland, this small endocrine gland in the vertebrate brain secretes melatonin, regulated by light exposure.

Biological Rhythms

Internal cycles of biological activity within organisms, such as circadian rhythms, which influence sleep, feeding, and other physiological processes.

Genus

Genus is a rank in the biological classification system (taxonomy) that groups together species sharing common characteristics, sitting above species and below family.

Phylum

A hierarchical level in the classification of organisms, grouping together classes of species that have a common plan of structure or organization.