The business paid cash for the goods which was purchased on credit last month. Which of the following journal entry is Correct ? a. Debit Cash and credit Accounts Payable. b. Debit Accounts Payable and credit Cash. c. Debit Equipment and credit Cash. d. Debit Cash and credit Accounts Receivable.
The business paid cash for the goods which was purchased on credit last month. Which of the following journal entry is Correct ? a. Debit Cash and credit Accounts Payable. b. Debit Accounts Payable and credit Cash. c. Debit Equipment and credit Cash. d. Debit Cash and credit Accounts Receivable.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 6QY
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The business paid cash for the goods which was purchased on credit last month. Which of the following journal entry is Correct ?
a.
Debit Cash and credit Accounts Payable.
b.
Debit Accounts Payable and credit Cash.
c.
Debit Equipment and credit Cash.
d.
Debit Cash and credit Accounts Receivable.
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