Answer:
Option C. Credit to Notes Payable
Explanation:
The reason is that when the payment was received for the services delivered the entry would be:
Dr Cash Account XX
Cr Accounts Receivables XX
Because the receivable has been reduced and the cash asset has been increased. (Decrease in one asset and increase in the other)
When the bills are paid the entry would be to record the accounts payables decrease which must be debited and decrease in cash asset is always credited.
Dr Accounts Payables XX
Cr Cash Account XX
When the equipment is bought at credit the entry would include an increase in Equipment asset which must be debited and increase in notes payable because credit is used here to finance the equipment. This increase in credit must be credited.
Dr Equipment XX
Cr Notes Payables XX
So the only entry which matches the one of the option is credit to notes payables.
Hence option C is correct here.
Im willing to learn and help to be a helpful worker for your restruant.
The position held by Timothy within
his company is FINANCE MANAGER because in summary, his duty was to produce
financial reports (he had to create a cost-profit analysis report of all the
current product lines of the company), direct investment activities (he was
tasked with creating the budget for the next fiscal year), and develop
strategies and plans for the long-term financial goals of their organization (He
also had to identify avenues for possible cost reduction in the budget).
A. we know it is not c or d cuz they would not fit but a and b are our options the answer would be B IF he was a worker but in this case he makes his money from a profit and pays the workers (they earned it) so it is A
