51 Jake, a new accountant, recorded a payment of cash on account to a creditor (i.e., a vendor) by debiting Accounts Receivable and crediting Cash. The correcting entry (to fix the posting error) is some other correcting entry is necessary. debit Accounts Payable and credit Cash. debit Accounts Payable and credit Accounts Receivable. debit Cash and credit Accounts Receivable. 1 On October 1, 2020, Greer Company signed a $20,000 six-month note payable that bears interest at a rate of 12%. Since no interest has been previously accrued on this note, the total interest to be accrued on this note at December 31, 2020, is $1,200. S600. $900. $200. Which of the following are true? (Select multiple answers) Current assets are listed in the order of magnitude. Intangible assets are non-current resources that do not have physical substance. Obligations expected to be paid after one year are classified as long-term liabilities. Property, plant, and equipment are tangible resources of a relatively permanent nature that are used in the business and not intended for sale. Forgetting to post a prepaid expense adjusting entry will have the following effects: No effect on Assets; Understates Liabilities; Overstates Equity Overstates Assets; No effect on Liabilities; Overstates Equity Overstates Assets; Understates Liabilities; Overstates Equity Overstates Assets; Understates Liabilities; No effect onEquity From the adjusted trial balance, what is net income? Account Adjusted Trial Balance Cash $4,400 Accounts receivable 3,000 Supplies 3,075 Prepaid insurance 2,000 Prepaid rent 500 Equipment 35,000 Accumulated depreciation equipment 6,000 Notes payable 14,000 Accounts payable Unearned service revenue 12,000 2,000 Common stock 9,825 Dividends 2,000 Service revenue 18,000 Interest expense 500 Salary and wages 8,000 Supplies expense 1,500 Rent expense 2,000 Insurance expense 1,200 Salaries and wages payable 1,300 Interest payable 50