Receiving a $350 Payment on an Account with a Current

question 76

Multiple Choice

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

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

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Definitions:

Warehouser

A person or company engaged in the storage, handling, and management of goods in a warehouse.

Warehouse Receipt

A document issued by a warehouse listing goods received for storage, which serves as evidence of the possession of the goods.

Documents of Title

Documents of title refer to legal documents that prove a person's right to ownership or control of goods, such as bills of lading or warehouse receipts.

Title

Legal term for the formal right of ownership of property.