Indicate the account(s) to be debited and credited to record the following transactions.
-Paid for merchandise within the discount period. - Perpetual
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:
Verified
Q29: In a perpetual inventory system, Merchandise Inventory
Q30: When merchandise is sold, the periodic inventory
Q31: Merchandise Inventory is a liability account.
Q32: Indicate the account(s) to be debited and
Q33: Under the _ inventory system, every sale
Q35: In a periodic inventory system, Purchases, Freight-In,
Q36: Mack Industries uses the periodic inventory system.
Q37: Under the periodic inventory method, purchases are
Q38: Indicate the account(s) to be debited and
Q39: In a perpetual inventory system, Sales Returns
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