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

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

Read the Description of the Following Transactions That Are Recorded