An Entry to Record the Payment to a Vendor Was

question 114

Multiple Choice

An entry to record the payment to a vendor was correctly recorded and posted to the general ledger but was not posted to the subsidiary ledger.This error would cause:

• A)the period end assets to be understated.
• B)the period end liabilities to be understated
• C)the Accounts Payable will be larger than the subsidiary ledger.
• D)the Accounts Payable will be less than the subsidiary ledger.

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Definitions:

Binding Arbitration

A legal process in which a dispute is resolved by an arbitrator’s decision, which is final and enforceable by law, with no option for appeal.

Vertical Conflict

A type of conflict that occurs between different levels of the same channel, for example, disputes between a manufacturer and its wholesaler or retailer.

Foot Locker

A global retailer of athletic footwear and apparel, with stores in numerous countries, known for its wide selection of branded sports shoes, clothing, and accessories.

Nike Store

Retail outlets operated by Nike, Inc., offering a range of Nike branded footwear, apparel, and equipment.