The Bookkeeper Recorded a Payment on Account as $170 Instead

question 178

Multiple Choice

The bookkeeper recorded a payment on account as $170 instead of the correct amount of $710. What journal entry is required?

• A)Debit Accounts Payable for $710 and credit Cash for $710.
• B)Debit Accounts Receivable for $710 and credit Cash for $710.
• C)Debit Accounts Payable for $540 and credit Cash for $540.
• D)Debit Cash for $540 and credit Accounts Payable for $540.

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Definitions:

Any Number

A mathematical concept referring to any quantity or value, which can be whole, fractional, real, or complex.

Effect Size

A measure to quantify the difference between two groups in a study, providing insight into the importance of the findings.

Distributions Of Scores

Refers to the way in which scores or values are spread across different levels or categories in a dataset.

Homogeneity Of Variance

The assumption that multiple groups have equal variances on a tested variable, important for certain statistical tests.