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

question 64

Multiple Choice

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

-Paid for freight charges. - 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:

Balance Sheet

The Balance Sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

Marketable Securities

Financial instruments and assets that can easily be converted into cash without significant loss of value.

Investments

Investments refer to assets purchased with the intention of generating income or appreciation, including securities like stocks and bonds, real estate, or other vehicles.

FASB

Financial Accounting Standards Board, an independent organization responsible for establishing and improving financial accounting and reporting standards in the United States.