Given the Following Accounts:
[1] Cash
[2] Accounts Receivable
[3] Merchandise Inventory
[4] Supplies $\text {Debit}$

question 70

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.
-Sold merchandise on account - Periodic
$\text {Debit}$$\underline{\quad\quad}$ & $\underline{\quad\quad}$ $\text {Credit}$$\underline{\quad\quad}$ & $\underline{\quad\quad}$

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Definitions:

Direct Labor Hours

The total hours worked by employees directly involved in the production of goods or providing services.

Journal Entry

A record in accounting that notes the details of a financial transaction in a company’s financial systems.

Raw Materials

Basic materials that are used in the production process to manufacture goods, often transformed or converted into the finished product.

Journal Entry

A record in the books of account that represents a transaction and its effect on the accounts, typically including a debit and credit.