A Firm Paid Cash to Apply Against a Debt

question 73

Multiple Choice

A firm paid cash to apply against a debt.To record this transaction,the accountant would

• A) debit Accounts Receivable and credit Cash.
• B) debit Accounts Payable and credit Cash.
• C) debit Cash and credit Accounts Payable.
• D) credit Cash and credit Accounts Payable.

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Definitions:

Top Levels

Refers to the highest stages or positions in an organization, field, or system.

Different Generations

The categorization of people into cohorts based on the era in which they were born, reflecting differing cultural influences and life experiences.

Fair Reward

Equitable compensation or acknowledgment given for effort, achievement, or contribution.

Whistle Blowers

Individuals who expose any kind of information or activity deemed illegal, unethical, or not correct within an organization, often at personal risk.