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a Your company buys $250,000 worth of material on terms of 10% net 10. If you pay for the material within 10 days, which of the following best describes how you should post that entry? Select the single best answer: A. credit Accounts Payable $25,000, debit Purchase Discounts $225,000 B. debit Accounts Payable $250,000; credit Purchase Discounts $25,000 credit Cash $225,000 C. credit Cash $225,000, debit Interest Expense 525,000 D. Credit Cash $225,000; debit Income $25,000; debit Accounts Payable $250.000 E. credit Equipment S250,000: debit Cash $250,000 b. Which of the following scenarios depicts the correct use of the Petty Cash account? Select all answers that apply: A. The warehouse manager asks for a personal loan until payday. B. The office manager pays for a pizza with petty cash as a thank-you to the office staff for working hard. C. The president uses petty cash to fill the company car with gas on his way to work. D. The president pays his personal credit card bil with petty cash. E. The office manager buys office supplies like coffee and sugar for the break room. C Which of the following accounting equations correctly describes the double-entry accounting system? Select the single best answer: A. Assets = Liabilities - Capital B. Assets = Liabilities + Owner's Equity C. Assets = Liabilities D. Liabilities = Capital E. Assets = Capital - Liabilities