Cathy Is Both a Debtor and a Creditor of Palm

question 51

Multiple Choice

Cathy is both a debtor and a creditor of Palm Ltd. At the end of the period Cathy owes Palm Ltd $500 while Palm Ltd owes Cathy $2000. After offsetting the amounts, Palm Ltd's books show a balance of how much as still owing to or from Cathy?

• A) Cathy (creditor) is owed $1500
• B) Cathy (debtor) owes $1500
• C) Cathy (creditor) is owed $2500
• D) Cathy (debtor) owes $2500

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Definitions:

Quotation Marks

Punctuation marks used in pairs to indicate the beginning and end of a quotation or a direct speech within a text.

Plagiarism

The act of using someone else's work or ideas without giving proper credit, thereby presenting it as one's own.

Summarizing

The act of briefly presenting the main points or essence of a longer text or speech in a concise form.

Paraphrasing

the act of expressing the meaning of something written or spoken using different words, especially to achieve greater clarity.