Quick Co. owed Lars Co. $15,000. Quick's accountant misread the amount owed and wrote a check to Lars for $18,000. If a balance sheet is prepared immediately after this payment, Quick will show a
A) credit-balanced Account Payable to Lars Co.
B) debit-balanced Account Payable to Lars Co.
C) contra-liability account to Lars Co.
D) debit-balanced Account Receivable from Lars Co.
E) debit-balanced deferred expense from Lars Co.
Correct Answer:
Verified
Q16: Which of the following reflects the normal
Q17: Which of the following statements is true?
A)
Q18: Expenses normally have _ balances and cause
Q19: Revenues normally have _ balances and cause
Q20: A fundamental rule of double-entry bookkeeping is
Q22: The expanded accounting equation is
A) Assets +
Q23: Accumulated depreciation is an example of a(an)
A)
Q24: In a contra-asset account, debits would cause
Q25: Which of the following does (do) not
Q26: A compound journal entry affects
A) a balance
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents