Identify the GL Entries That Are Posted When a Payment

question 71

Multiple Choice

Identify the GL entries that are posted when a payment is sent to a vendor.

• A)The vendor account is credited,
• B)The vendor account is debited.
• C)The accounts payable reconciliation account is debited.
• D)The bank account is credited.
• E)The bank account is debited.

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Definitions:

Highly Regulated Industries

Sectors subject to extensive governmental regulations covering safety, quality, and compliance, such as healthcare, financial services, and energy.

Mail Fraud

A type of legal offense involving the use of postal services to conduct fraudulent schemes.

Fraudulent Use of Transit

The fraudulent use of transit refers to any illegal actions involving the unauthorized access or use of public transportation systems, often leading to financial loss or damage to the system.

False Pretenses

Obtaining property or money from another person through fraudulent representations or lies.