Question
If a company pays off its liability then the asset account (Cash) needs to be .............. and the liability account needs to be ............ A.
If a company pays off its liability then the asset account (Cash) needs to be .............. and the liability account needs to be ............
A. Credited, Debited B. Debited, Credited C. both debited D. No need for Journal entry
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Management Accounting Information for Decision-Making and Strategy Execution
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
6th Edition
137024975, 978-0137024971
