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Given the Following Accounts

Question 116

Multiple Choice

Given the following accounts:
-Prepared and recorded voucher #426 for the purchase of merchandise (net method) of $4,200 with credit terms of 2/10, n/30.
Debit ________ Credit ________


A) Cash in bank
B) Petty cash
C) Supplies
D) Equipment
E) Notes payable
F) Vouchers payable
G) FICA payable
H) Wages payable
I) Purchases
J) Purchase discounts
K) Discounts lost
L) Repairs expense
M) Interest expense
N) Delivery expense
Indicate the account(s) to be debited and credited to record the following transactions.
The company uses the periodic inventory method.

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