Given the Following Accounts

question 18

Multiple Choice

Given the following accounts:
-Prepared and recorded voucher #426 for the purchase of merchandise (net method) of $4,200 with credit terms of 2/10, n/30.
Debit ________ Credit ________

• A)Cash in bank
• B)Petty cash
• C)Supplies
• D)Equipment
• E)Notes payable
• F)Vouchers payable
• G)FICA payable
• H)Wages payable
• I)Purchases
• J)Purchase discounts
• K)Discounts lost
• L)Repairs expense
• M)Interest expense
• N)Delivery expense
• Indicate the account(s) to be debited and credited to record the following transactions.
• The company uses the periodic inventory method.

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Definitions:

Population Proportion

The percentage of individuals in a population who share a certain characteristic or attribute.

Expected Value

The expected value of a random variable is the long-run average value of repetitions of the experiment it represents.

Normal Approximation

A method used to estimate the probabilities of a binomial distribution by approximating it with a normal distribution, especially useful for large sample sizes.

Binomial Distribution

An analytical model that represents the probability of a variable adopting one out of two distinct values, contingent upon specified parameters.