Q2-55. The journal entry to record a payment on account will a. debit Expenses and credit Cash.

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Q2-55. The journal entry to record a payment on account will

a. debit Expenses and credit Cash.

b. debit Cash and credit Expenses.

c. debit Accounts Payable and credit Retained Earnings.

d. debit Accounts Payable and credit Cash.

Q2-56. If the credit to record the payment of an account payable is not posted,

a. cash will be overstated.

c. expenses will be understated.

b. liabilities will be understated.

d. cash will be understated.

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Financial Accounting International Financial Reporting Standards Global Edition

ISBN: 9781292211145

11th Edition

Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison

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Question Posted: Jul 25, 2024 09:02 AM

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Q2-55. The journal entry to record a payment on account will a. debit Expenses and credit Cash.

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Financial Accounting International Financial Reporting Standards Global Edition

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