Multiple Choice
Given the following accounts:
-Paid voucher #424.
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.
Correct Answer:

Verified
Correct Answer:
Verified
Q88: The voucher system strengthens internal control because:<br>A)
Q89: Grant's Hardware bought $12,000 of merchandise, terms
Q90: The company receiving a purchase order prepares
Q91: Using the gross method, record the payment
Q92: If partial payment is made and installment
Q94: Peet Company uses a voucher system and
Q95: In a voucher system, a schedule of
Q96: Important principles of internal control include:<br>A) that
Q97: The entry to record payment of a
Q98: For each of the following, identify in