Indicate the account(s) to be debited and credited to record the following transactions.
-Sold merchandise in exchange for cash. - 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:
Verified
Q22: Under the perpetual or periodic inventory system,
Q23: When using a periodic inventory system, a
Q24: Under the _ inventory system, cost of
Q25: Indicate the account(s) to be debited and
Q26: 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
Q31: Merchandise Inventory is a liability account.
Q32: Indicate the account(s) to be debited and
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