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

question 28

Multiple Choice

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

-Customer returned goods purchased on credit - 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:

Provision

The action of providing or supplying something for use, such as goods, services, or resources.

Industry

Refers to the collection of businesses and activities focused on the production of goods, services, and technology in a specific sector.

Pharmaceutical Fraud

Illegal activities by drug companies, including marketing drugs for unapproved uses or producing counterfeit medication.

Unapproved Use

Usage of a product or service in a manner not sanctioned or authorized by official guidelines or regulations.