Given the Following Accounts

question 45

Multiple Choice

Given the following accounts:
-Prepared and recorded voucher #422 for the purchase of merchandise (gross method) of $10,000 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:

Ethical Decision Making

The method of appraising and selecting from different options in a way that aligns with moral values.

Organizational Decision Making

The process by which organizations analyze problems and make choices that influence their goals and operations.

Code of Ethics

A set of principles and standards that guide the behavior of an individual or organization in a professional context.

Ethical Dilemma

A situation where a difficult choice has to be made between two or more conflicting moral principles.