The journal entry to record the payment of accounts payable will require a O credit to cash account credit to capital account O credit to accounts payable account O debit to loans payable account A credit entry decreases O asset liability owner's equity O none of these

The journal entry to record the payment of accounts payable will require a O credit to cash account credit to capital account O credit to accounts payable account O debit to loans payable account A credit entry decreases O asset liability owner's equity O none of these

Name: The journal entry to record thepayment of accounts payable willrequir
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Description: The journal entry to record thepayment of accounts payable willrequire aO credit to cash accountO credit to capital accountO credit to accounts payable accountO debit to loans payable accountA credit entry decreasesassetliabilityO owner's equityO no

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 4SEB: NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following...

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Similar questions

NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. Tools
Which set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earnings
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For the following accounts please indicate whether the normal balance is a debit or a credit. A. Sales B. Dividends C. Office Supplies D. Retained Earnings E. Accounts Receivable F. Prepaid Rent G. Prepaid Insurance H. Wages Payable I. Building J. Wages Expense
Identify whether each of the following accounts is nominal/temporary or real/permanent. A. Accounts Receivable B. Fees Earned Revenue C. Utility Expense D. Prepaid Rent
What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance bill
Indicate whether each account that follows has a normal debit or credit balance. A. Unearned Revenue B. Office Machines C. Prepaid Rent D. Cash E. Legal Fees Earned F. Salaries Payable G. Dividends H. Accounts Receivable I. Advertising Expense J. Retained Earning
Which of the following accounts would increase owners equity? a. Cash b. Accounts Payable c. Accounts Receivable d. Income from Tutoring
Determine whether the balance in each of the following accounts increases with a debit or a credit. A. Cash B. Common Stock C. Equipment D. Accounts Payable E. Fees Earned F. Electricity Expense
Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payable
Identifying accounts Consider the following accounts: Notes Receivable Common Stock Prepaid Insurance Notes Payable Rent Revenue Taxes Payable Rent Expense Furniture Dividends Unearned Revenue Identify each account as an asset (A), liability (L), or equity (E).