Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

while writing a check for $2,000 on April 26, 2012 for a computer purchased on December 26, 2011, you discover that when the purchase was

while writing a check for $2,000 on April 26, 2012 for a computer purchased on December 26, 2011, you discover that when the purchase was made in December, the $2,000 had been credited to Notes Payable instead of Accounts Payable. If the books are closed, what single entry could you make?

a. debit Notes Payable 2,000, credit Account Payable 2,000

b. debit Notes Payable 2,000 credit Cash 2,000

c. debit Accounts Payable 2,000, credit Cash 2,000

d. debit Accounts Payable 2,000, credit Notes Payable 2,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

9th Canadian Edition, Volume 2

470964731, 978-0470964736, 978-0470161012

More Books

Students also viewed these Accounting questions