Use This Journal Entry to Answer the Following Question Explain How the Above Journal Entry Relates to the Measurement

question 93

Essay

Use this journal entry to answer the following question.
$\begin{array}{|l|l|l|r|r|}\hline\text { Nov. } & 16 & \text { Accounts Payable }& 685 \\&&\text { Cash } & & 685\\&&\text { Recorded payment of a liability } \\\hline\end{array}$ Explain how the above journal entry relates to the measurement issues of (a)recognition,(b)valuation,and (c)classification.

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Definitions:

Volkswagen Of America

is the US subsidiary of the Volkswagen Group, a major German automaker, responsible for the sales, marketing, and service of Volkswagen and Audi vehicles in the United States.

Defective

Having a fault or flaw that impairs usability, quality, or safety, often used in the context of products or goods.

Magnuson-Moss Act

A federal law in the United States that was enacted to protect consumers from deceptive warranty practices.

Express Warranty

An explicit guarantee by a seller to a buyer that a product or service meets certain quality and performance standards.