Indicate the account(s) to be debited and credited to record the following transactions.
-Purchased merchandise on credit; terms of 2/10, n/30. - Periodic
Debit ________ Credit ________
A) Cash
B) Accounts receivable
C) Merchandise inventory
D) Supplies
E) Accounts payable
F) Sales
G) Sales returns and allowances
H) Sales discounts
I) Cost of goods sold
J) Purchases
K) Purchase returns and allowances
L) Purchase discounts
M) Freight-in
Correct Answer:
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Q20: Mack Industries uses the perpetual inventory system.
Q21: Indicate the account(s) to be debited and
Q22: Under the perpetual or periodic inventory system,
Q23: When using a periodic inventory system, a
Q24: Under the _ inventory system, cost of
Q26: Indicate the account(s) to be debited and
Q27: Indicate the account(s) to be debited and
Q28: Under the _ inventory system, entries are
Q29: In a perpetual inventory system, Merchandise Inventory
Q30: When merchandise is sold, the periodic inventory
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