Given the Following Accounts

question 58

Multiple Choice

Given the following accounts:
-Received an invoice in the amount of $60 for repairs to the store equipment, voucher #423 was prepared.
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:

Assault and Battery

A legal term used to describe the combination of the threat of violence (assault) and the actual physical contact or harm (battery) to another person.

Criminally Responsible

Being legally accountable or liable for actions that are classified as crimes under the law, subject to prosecution and punishment.

Authority to Contract

The power or right delegated to an individual or entity to enter into legally-binding agreements on behalf of another party.

Extended an Offer

The act of presenting someone with a proposal or opportunity, typically for employment or a commercial agreement.