Indicate the Account(s) to Be Debited and Credited to Record

question 112

Multiple Choice

Indicate the account(s) to be debited and credited to record the following transactions.

-Purchased merchandise on credit; terms of 2/10, n/30. - Perpetual
Debit ________ Credit ________

• A) Cash
• B) Accounts receivable
• C) Merchandise inventory
• D) Supplies
• E) Accounts payable
• F) Sales
• G) Sales returns and allowances
• H) Sales discounts
• I) Cost of goods sold
• J) Purchases
• K) Purchase returns and allowances
• L)Purchase discounts
• M) Freight-in

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Definitions:

Small Classes

Educational settings with a low student-to-teacher ratio, believed to enhance personalized learning and academic performance.

Financial Circumstances

An individual's or entity's current financial situation, including income, assets, debts, and expenses.

Social Connections

The relationships an individual has with others, including friends, family, coworkers, and other social networks, which can influence one's health and well-being.

Personal Safety

Measures and practices adopted to protect individuals from harm or danger.