Read the description of the following transactions that are recorded during the accounting period for Hughley Consulting Services. The company uses a periodic inventory system. Determine the account to be debited and the account to be credited.
A)Issued a check to a supplier as a payment on account.
B)Purchased merchandise; the supplier's invoice, which includes a freight charge, has payment terms of 2/10, n/30.
C)Returned some damaged merchandise to a supplier and received a credit memorandum.
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 net 30 days.

Question

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The Answer of Read the description of the following transactions that are recorded during the accounting period for Hughley Consulting Services. The company uses a periodic inventory system. Determine the account to be debited and the account to be credited.
A)Issued a check to a supplier as a payment on account.
B)Purchased merchandise; the supplier's invoice, which includes a freight charge, has payment terms of 2/10, n/30.
C)Returned some damaged merchandise to a supplier and received a credit memorandum.
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 net 30 days.

Read the Description of the Following Transactions That Are Recorded