A Check Drawn by a Company for $360 in Payment

question 179

Multiple Choice

A check drawn by a company for $360 in payment of a liability was recorded in the journal as $630.What entry is required in the company's accounts?

• A) debit Accounts Payable; credit Cash
• B) debit Cash; credit Accounts Receivable
• C) debit Cash; credit Accounts Payable
• D) debit Accounts Receivable; credit Cash

Understand the core principles of lean manufacturing.

Recognize the distinction between lean manufacturing and traditional manufacturing philosophies.

Identify the types of waste targeted by lean manufacturing.

Comprehend the importance of a pull manufacturing system over a push system.

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Definitions:

Ideas

Mental concepts or thoughts that can lead to creativity or planning.

Transactive Memory

A psychological concept that explains how groups collectively store, encode, and retrieve knowledge more efficiently than individuals.

Groupthink

A phenomenon where decisions are made or solutions are agreed upon by a group, prioritizing unanimity and cohesion over critical evaluation of alternatives.

Brainstorming

A form of creative thinking in groups, using a procedure in which all group members are encouraged to generate as many ideas as possible while interacting and stimulating each other