Essay
Read the description of the following transactions that are recorded during the accounting period for Drummond Consulting Services.Determine the account to be debited and the account to be credited.
A)Purchased merchandise with terms of net 30 days.
B)Returned some damaged merchandise to a supplier and received a credit memorandum.
C)Issued a check to a supplier as a payment on account.
D)Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price.Received a credit memorandum.
E)Purchased merchandise with terms of 2/10,n/30.The supplier's invoice includes a freight charge.
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A)Debit Purchases;credit Accounts Payabl...View Answer
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