Thursday, December 8, 2011

What are the correct accounts to debit and credit these transactions?

Debit and Credit these transactions to the appropriate accounts.





1. Received credit from Mann Bicycle Company for the return of two defective bicycles.





2. Issued a credit memo to Team America for the return of a defective bicycle.





3. Paid Mann Bicycle Company in full, less discount. (Earlier in the month I purchased 30 bicycles at a cost of $200 each from Mann Bicycle Company, terms 2/10, n/30).|||Credit you received


Debit you issued a credit memo


Debit you paid.|||1. credit


2. debit


3. debit.

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