A business pays a creditor on account. The entry to record this transaction is:
A. Debit Accounts Receivable; Credit Accounts Payable
B. Debit Cash; Credit Accounts Payable
C. Debit Accounts Receivable; Credit to Cash
D. Debit Accounts Payable; Credit Cash
Answer: D
You might also like to view...
Marketers must know the needs and wants of their customers. Which of the following presents the most accurate picture of the typical elderly consumer today?
A) Most are old, infirm, depressed, stay-at-home people who live a hand-to-mouth existence. B) Most are active, interested in what life has to offer, and are enthusiastic consumers with the means and willingness to buy many goods and services. C) Most live with their children, have little savings, and have an increasingly difficult time adjusting to the changing technical world around them. D) Most have refused government support and are going through a hermitization process. They don't trust anyone under 60.
Unlike reports, most proposals
A) contain many supplementary parts. B) contain few supplementary parts. C) never contain an appendix. D) are never analytical. E) are written in an informal tone.
The cash and securities comprising a sinking fund established to redeem bonds at maturity in 2015 should be classified on the balance sheet as
A) fixed assets B) current assets C) intangible assets D) investments
Outline the focused, multi-step process recommended for reading a contract before you agree to it