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

question 43

Multiple Choice

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

-Paid for merchandise within the discount period. - 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:

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