Which of the Following Journal Entries Would Be Recorded If

question 37

Multiple Choice

Which of the following journal entries would be recorded if a business purchased office supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle the account?

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Definitions:

Budget Types

Various categories of budgets used in financial planning, such as operating, capital, or cash flow budgets, each serving different purposes.

Profit & Loss

A financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year.

Autofilter

A feature in software that allows users to automatically filter data based on specific criteria to facilitate analysis.

Audit Trail Report

A record that shows who has accessed a company's system and what changes were made during that time.