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

Multiple Choice

Indicate the account(s) to be debited and credited to record the following transactions.

-Purchased merchandise on credit; terms of 2/10, n/30. - 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