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Indicate the Account(s) to Be Debited and Credited to Record

Question 1

Multiple Choice

Indicate the account(s) to be debited and credited to record the following transactions.
-The business bought store equipment on account.
Debit ________ Credit ________


A) Cash
B) Accounts receivable
C) Allowance for doubtful accounts
D) Merchandise inventory
E) Store supplies
F) Store equipment
G) Accumulated depreciation
H) Notes payable
I) Accounts payable
J) John Partner's, Capital
K) Joy Partner's, Capital
L) John Partner's, withdrawals
M) Joy Partner's, withdrawals
N) Income summary
O) Service revenue
P) Gain on realization
Q) Loss on realization

Correct Answer:

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