Read the Description of the Following Transactions That Are Recorded

question 23

Essay

Read the description of the following transactions that are recorded during the accounting period for Drummond Consulting Services. The company uses a periodic inventory system. Determine the account to be debited and the account to be credited.
A)Purchased merchandise with terms of 2/10, n/30. The supplier's invoice includes a freight charge.
B)Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price. Received a credit memorandum.
C)Returned some damaged merchandise to a supplier and received a credit memorandum
D)Purchased merchandise with terms of net 30 days
E) Issued a check to a supplier as a payment on account

• A)Purchased merchandise with terms of 2/10, n/30. The supplier's invoice includes a freight charge.
• B)Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price. Received a credit memorandum.
• C)Returned some damaged merchandise to a supplier and received a credit memorandum
• D)Purchased merchandise with terms of net 30 days
• E) Issued a check to a supplier as a payment on account

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