Alex Returned All of the $1,000 Purchase of Equipment to James.The

question 51

Multiple Choice

Alex returned all of the $1,000 purchase of equipment to James.The entry to record this is:

• A) \(\begin{array}{|l|l|cc}
• \hline \text { Vouchers Payable } & \text { 1,000 }\\
• \hline \text { \quad\quad\quad\quad\quad\quad\quad\quad\quad Equipment } &\quad\quad\quad\quad\quad\quad1,000\\
• \hline
• \end{array}\)
• B) \(\begin{array}{|l|l|cc}
• \hline \text { Equipment } & \text { 1,000 }\\
• \hline \text { \quad\quad\quad\quad\quad\quad\quad\quad\quad Vouchers Payable } &\quad\quad\quad\quad\quad\quad1,000\\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|l|cc}
• \hline \text { Equipment } & \text { 1,000 }\\
• \hline \text { \quad\quad\quad\quad\quad\quad\quad\quad\quad Accounts Payable } &\quad\quad\quad\quad\quad\quad1,000\\
• \hline
• \end{array}\)
• D)None of these answers are correct.

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Definitions:

Employee Benefits Expense

Costs incurred by a company to provide benefits to its employees, such as health insurance, retirement plans, and sick leave.

Medical Care

The provision of services by healthcare professionals to maintain, improve, or manage the health of individuals.

Insurance Benefits

Payments or services provided by insurance companies to policyholders when certain events or circumstances occur, outlined in an insurance policy.

Payroll Bank Account

A specific bank account used by businesses exclusively for processing payroll and associated employee payments.