Indicate the account(s) to be debited and credited to record the following transactions.
-Paid for freight charges. - 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
Q33: Under the _ inventory system, every sale
Q34: Indicate the account(s) to be debited and
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
Q39: In a perpetual inventory system, Sales Returns
Q40: Under a perpetual inventory system, inventory purchases
Q41: Individual inventory items are tracked in the:
A)
Q42: A purchases journal may be used to
Q43: The inventory method that matches most recently
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