Chapter 6, Problem 3EB

For each of the following statements, fill in the blanks with the correct account names.

A. A retailer purchases merchandise on credit. The retailer would recognize this transaction by debiting _____ and crediting _______.

B. A retailer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and crediting _________ and ________.

C. A customer returns merchandise to the retailer and receives a full refund. The retailer would recognize this transaction by debiting _________ and crediting _________ if the customer had not yet paid on their account.

D. A customer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and _______, and crediting _________.