Clement Company paid an account payable related to a previous utility bill of $1,050. How would this transaction be recorded on the payment date? Multiple Choice Debit Accounts Payable $1,050, credit Cash $1,050 Debit Utilities Expense $1,050, credit Cash $1,050

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Clement Company paid an account payable related to a previous utility bill of $1,050. How would this transaction be recorded on the payment date?
Multiple Choice
Debit Accounts Payable $1,050, credit Cash $1,050
Debit Utilities Expense $1,050, credit Cash $1,050
Debit Cash $1,050, credit Accounts Payable $1,050
Debit Cash $1050, credit Utilities Expense $1050
Transcribed Image Text:16 Clement Company paid an account payable related to a previous utility bill of $1,050. How would this transaction be recorded on the payment date? Multiple Choice Debit Accounts Payable $1,050, credit Cash $1,050 Debit Utilities Expense $1,050, credit Cash $1,050 Debit Cash $1,050, credit Accounts Payable $1,050 Debit Cash $1050, credit Utilities Expense $1050
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