Your Accounts Payable (A/P) T-account shows a Credit record of $1,500 for one transaction. For the same transaction, your Cash T-account shows a Debit record of $1,500. Which of the following description explains the posting records most appropriately? Drawing T-accounts as described on a piece of paper will help you figure it out. A payment was made to a vendor for a past purchase that the company had owed. Cash amount decreased by $1,500, and the Account Payable amount also increased by $1,500 A new purchase has been made on account. The payment for this purchase needs to be paid later. There cannot be such journal entry. This is an erroneous journal entry. This error must be corrected. Your Accounts Payable (A/P) T-account shows a Credit record of $1,500 for one transaction. For the same transaction, your Cash T-account shows a Debit record of $1,500. Which of the following description explains the posting records most appropriately? Drawing T-accounts as described on a piece of paper will help you figure it out. A payment was made to a vendor for a past purchase that the company had owed. Cash amount decreased by $1,500, and the Account Payable amount also increased by $1,500 A new purchase has been made on account. The payment for this purchase needs to be paid later. There cannot be such journal entry. This is an erroneous journal entry. This error must be corrected