Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

While writing a check for $2,000 on April 26, 20X2 for a computer purchased on December 26, 20X1, you discover that when the purchase was

While writing a check for $2,000 on April 26, 20X2 for a computer purchased on December 26, 20X1, you discover that when the purchase was made in December, the $2,000 had been credited to Notes Payable instead of Ac- counts Payable. If the books are closed, what single entry could you make?

*1- Notes Payable

Accounts Payable

. *2 Notes Payable

Cash

* 3 Accounts Payable

Cash

* 4 Accounts payable

Notes Payable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial and Managerial Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

11th Edition

978-0538480895

Students also viewed these Accounting questions