Given the Following Accounts

question 107

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.- Periodic
Debit ________ & ________ Credit ________ & ________

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Definitions:

Economic Recovery

A period of increasing business activity signaling the end of a recession, characterized by a rise in employment, consumer spending, and overall economic growth.

Illegal Action

Any activity or conduct that is prohibited by law and is subject to criminal or civil penalties.

Wagering Agreements

Contracts or agreements where the parties commit to payments based on the outcome of an uncertain event, often considered void in many legal systems due to lack of insurable interest.

Economic Interest

A financial stake in an enterprise or transaction that influences an individual's or entity's decisions or actions regarding it.