A check drawn by a company for $340 in payment of a liability was recorded in the
Question:
a. Debit Accounts Payable; Credit Cash
b. Debit Cash; credit accounts receivable
c. Debit Cash; credit Accounts Payable
d. Debit accounts receivable; credit cash
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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