Master equipment has a 17400 liability to arrow paint company. When master equip

Question

Master equipment has a 17400 liability to arrow paint company. When master equipment makes a partial payment of 7600 on this liability which of the following occurs Retained earnings are debited 9,800 The accounts payable account is credited 9800 The cash account is debited 7600 The accounts payable account is debited 7600
Master equipment has a 17400 liability to arrow paint company. When master equipment makes a partial payment of 7600 on this liability which of the following occurs Retained earnings are debited 9,800 The accounts payable account is credited 9800 The cash account is debited 7600 The accounts payable account is debited 7600
Retained earnings are debited 9,800 The accounts payable account is credited 9800 The cash account is debited 7600 The accounts payable account is debited 7600

Explanation / Answer

The accounts payable account is debited 7600 Journal Entries for Partial Payment Date Particulars Dr Amt Cr Amt Accounts Payable Dr                      7,600.00 To Cash              7,600.00

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