Which of the following transactions would decrease the cash by RO 5000 and decrease liability 5000? O a. The business gave loan of RO 5000 O b. the business sold goods to the customer worth RO 5000 and the customer promised to pay later

Which of the following transactions would decrease the cash by RO 5000 and decrease liability 5000? O a. The business gave loan of RO 5000 O b. the business sold goods to the customer worth RO 5000 and the customer promised to pay later

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

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Question

Best choice

Which of the following transactions would decrease the cash by RO 5000 and
decrease liability 5000?
O a. The business gave loan of RO 5000
O b. the business sold goods to the customer worth RO 5000 and the customer
promised to pay later
O c.
The business borrowed loan of RO 5000
O d. the business repaid the loan of RO 5000 which was borrowed in the last
month

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