Question
Tyler Company had the following journal entry: Debit Credit Accounts Payable $2,800 Cash $2,800 From this transaction, we can determine that: a. Tyler owes $2,800
Tyler Company had the following journal entry:
Debit Credit
Accounts Payable $2,800
Cash $2,800
From this transaction, we can determine that:
a. Tyler owes $2,800 to a supplier, which they will pay in cash.
b. A customer owes $2,800 to Tyler, which they will pay in cash.
c. None of these answers are correct.
d. Tyler previously owed $2,800, but has now paid off that debt with cash.
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Financial And Managerial Accounting
Authors: Susan F. Haka ,Joseph V. Carcello ,Jan R. Williams
18th Edition
1259922189, 978-1259922183
