Read the Description of the Following Transactions That Are Recorded

question 83

Essay

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

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

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