The Entry to Record a Monthly Payment on an Installment

question 136

Multiple Choice

The entry to record a monthly payment on an installment note such as a car loan:

• A)Increases expense,decreases liabilities,and decreases assets.
• B)Increases expense,increases liabilities,and increases assets.
• C)Increases expense,decreases liabilities,and increases assets.

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Definitions:

Compound

A substance formed from two or more elements chemically united in fixed proportions, or a term used to describe a complex sentence formed from two or more independent clauses.

Stipulative Definition

A type of definition in which a new or existing term is given a specific meaning for the purposes of argument or discussion.

Concrete Examples

Specific, real-life examples that illustrate a broader concept or idea.

Metaphorical Definitions

Describing something in terms of another to highlight similarity or to explain a concept in more familiar terms.