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

question 122

Multiple Choice

Indicate the account(s) to be debited and credited to record the following transactions.
-During liquidation realized more than book value for the merchandise inventory.
Debit ________ Credit ________ & ________

• A)Cash
• B)Accounts receivable
• C)Allowance for doubtful accounts
• D)Merchandise inventory
• E)Store supplies
• F)Store equipment
• G)Accumulated depreciation
• H)Notes payable
• I)Accounts payable
• J)John Partner's, Capital
• K)Joy Partner's, Capital
• L)John Partner's, withdrawals
• M)Joy Partner's, withdrawals
• N)Income summary
• O)Service revenue
• P)Gain on realization
• Q)Loss on realization

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Definitions:

Autonomous Motivation

The drive to perform an activity for its inherent satisfaction or enjoyment, rather than external pressures or rewards.

Relationships

How two or more ideas, items, or individuals are linked together, or the condition of being linked.

Chance

The occurrence of events in the absence of any obvious intention or cause; luck.

Good Performance

The successful completion of tasks or achievement of objectives to the standards of the role or organization.