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

question 58

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. - Periodic
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:

Unit Sales

The quantity of items or products sold, not taking into account the revenue generated from these sales.

Price Hike

An increase in the listed price of goods or services, often due to increased costs or higher demand.

Sales Forecast

An estimate of the amount of products or services a company expects to sell in a future period, which is crucial for budgeting and planning purposes.

Net Operating Income

The profit a company makes from its regular business operations, excluding expenses and revenue from non-operational activities.