D Question 17 2 pts A Company paid off $3,000 of its accounts payable in cash. Which of the following would be the correct journal entry to record this transaction? O Debit to Accounts Receivable; Credit to Cash: Liabilities and Assets both increase. O Debit to Accounts Payable; Credit to Cash; Liabilities and Assets both decrease O Debit to Cash; Credit to Accounts Payable; Assets and Liabilities both increase. O Debit to Accounts Receivable; Credit to Cash; Assets both increase and decrease. Question 18 Property, plant and equipment O is expensed in the period in which it is purchased. O is recorded at cost and depreciated over the useful life. O is held for sale in the normal course of business. O cannot be recorded as an asset if the cost is greater than the useful life. D Question 19 A company had the following inventory transactions. Transaction August 1, balance 15 units at a cost of $12 August 5, purchase 10 units at $13 per unit August 12, purchase August 15, sale 15 units at $14 per unit 30 units Using the FIFO perpetual inventory method, what is the value of the ending inventory on August 15 after the sale? O $380. $160. O $140. $210. 2 pts 2 pts Question 20 2 pts On Dec 3, a company purchased equipment for $35,000 on account. On Dec 13 the company paid for the equipment. When recording these transactions the company would (select all that are correct) Credit Cash for $35,000 on Dec 13 Debit Accounts Payable for $35,000 an Dec 13 Creat Equipment for $35,000 on Dec 1