The correct accounting entry to record the payment of a liability is:
A) DR asset account; CR liability account
B) DR equity account; CR liability account
C) DR liability account; CR equity account
D) DR liability account; CR asset account
Correct Answer:
Verified
Q17: A machine purchased by a business for
Q18: The source document for a cash sale
Q19: GST collected by a business on the
Q20: Which of the following statements is correct?
A)
Q21: Which of the following statements concerning the
Q23: The term used in the Framework for
Q24: A collection of all the individual accounts
Q25: If a transaction causes a liability account
Q26: Select the account types for these
Q27: A chronological record of all the transactions
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