Making a $350 Payment on an Account with a Current

question 16

Multiple Choice

Making a $350 payment on an account with a current balance of $800 would include a:

• A)debit to accounts receivable and a credit to cash for $350.
• B)debit to accounts payable and a credit to cash for $450.
• C)debit to accounts payable and a credit to cash for $350.
• D)debit to accounts receivable and a credit to capital for $350.

---

Definitions:

General Partner

An owner of a partnership who has unlimited liability and is responsible for the management of the partnership.

Liability For Firm Debts

Obligations a company must meet, including all debts and financial responsibilities.

Agency Cost

Costs that arise from conflicts of interest between managers and shareholders within a company.

Executive Overseas

A managerial position held within a company's operations located in a foreign country.