Which of the Following Double Entries Will Result in Decreases

question 18

Multiple Choice

Which of the following double entries will result in decreases in liabilities?
Please select all that apply.

• A) Debit loan, credit bank (double entry to record the repayment of a loan from the bank).
• B) Debit sales, credit cash (double entry to record a refund of cash to a customer for a cancelled sale).
• C) Debit trade payables, credit bank (double entry to record cash paid to suppliers of goods and services made on credit).
• D) Debit capital account, credit bank (double entry to record the payment of cash to the owner of a business).

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Definitions:

Functional Imperatives

Fundamental prerequisites or necessary conditions that must be met for a system or organization to survive, function, and thrive.

Social Equilibrium

Social equilibrium refers to a state of balance within a society, where social forces, interests, and values are stable and in harmony.

AGIL

A theoretical framework by Talcott Parsons that describes four basic functions necessary for the survival of any social system: Adaptation, Goal attainment, Integration, and Latency.

Sacrifice Freedom

The act of giving up personal liberties and choices for the benefit of a larger group, cause, or principle.