Which of the following journal entries is correct when a business entity uses cash to pay an account payable? Multiple Choice Accounts Receivable xxx Cash xxx Accounts Payable xxx Cash xxx Cash xxx Accounts Payable xxx Cash xxx Notes Payable xxx

Which of the following journal entries is correct when a business entity uses cash to pay an account payable? Multiple Choice Accounts Receivable xxx Cash xxx Accounts Payable xxx Cash xxx Cash xxx Accounts Payable xxx Cash xxx Notes Payable xxx

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following journal entries is correct when a business entity uses cash to pay an account payable?

Multiple Choice

Accounts Receivable xxx

Cash xxx
Accounts Payable xxx

Cash xxx
Cash xxx

Accounts Payable xxx
Cash xxx

Notes Payable xxx

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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