Automatic Fixed Monthly Payments Such as Auto Lease, Insurance Premiums

question 18

Multiple Choice

Automatic fixed monthly payments such as auto lease, insurance premiums and mortgage -

• A) can be recorded in the account reconciliation journal or in the general journal
• B) must be recorded with a normal general journal entry
• C) should be recorded in the adjustments journal
• D) should be recorded as cash payments because they involve withdrawals from the bank account

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