Given the following accounts:
-Received an invoice in the amount of $60 for repairs to the store equipment, voucher #423 was prepared.
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.

Question

Quizplus · Accepted Answer

When a company receives an invoice for repairs to store equipment, the correct accounting entry is to debit the Repairs Expense account to reflect the cost incurred for the repairs, and credit Vouchers Payable to acknowledge the liability created by the invoice. This accurately reflects the increase in expenses and the corresponding increase in accounts payable.

Given the Following Accounts