Asked by
Gurpreet Chohan
on Dec 17, 2024
Verified
If Accounts Payable has been credited, it is most likely that:
A) a sale was made on account.
B) a purchase was made on account.
C) a correcting entry was made for the overstatement of the purchase of equipment on account.
D) a customer paid a bill on account.
Accounts Payable
Short-term liabilities representing amounts due to suppliers or creditors for goods and services received but not yet paid for.
Correcting Entry
An entry made in the accounting records to amend a previously made error or oversight.
- Identify how accounts payable and receivable are addressed in different transactions.
Verified Answer
AW
Learning Objectives
- Identify how accounts payable and receivable are addressed in different transactions.
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