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.

---

Definitions:

Twentieth Century

The period extending from January 1, 1901, to December 31, 2000, marked by significant global events, technological advancement, and cultural shifts.

Canada Health Act

The federal legislation that sets out the conditions by which individual provinces and territories in Canada must comply to receive federal funds for health services.

Portability

The health care insurance plan of a province or territory can set only a limited waiting period for eligibility and must pay the cost of insured health services provided while temporarily absent from the province or territory but within Canada.

Health Coverage

A type of insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over a large number of persons.