Given the Following Accounts

question 64

Short Answer

Given the following accounts:
[1] Cash
[2] Accounts receivable
[3] Merchandise inventory
[4] Supplies
[5] Accounts payable
[6] Sales
[7] Sales returns and allowances
[8] Sales discounts
[9] Cost of goods sold
[10] Purchases
[11] Purchase returns and allowances
[12] Purchase discounts
[13] Freight-in
Indicate the account(s) to be debited and credited to record the following transactions.
-Purchased merchandise with credit terms of 2/10,n/30.- Perpetual
Debit ________ & ________ Credit ________ & ________

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Definitions:

Consensus

A general agreement among the members of a group or community, often used in the context of decision-making processes.

Aptitude

A natural ability or skill that makes it easier for a person to learn or excel in a particular area.

Projection

A psychological defense mechanism where an individual attributes their own unwanted thoughts, feelings, or motives to another person.

Single Out

To choose one individual or item from a group for special attention, often due to unique or notable characteristics.