on march 3, complete computer service made a $300 payment on the accounts payable for a previous purchase on the account.

the journal entry to record this transaction would be:

Question

on march 3, complete computer service made a $300 payment on the accounts payable for a previous purchase on the account.

the journal entry to record this transaction would be:

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [ "Journal Entry" ], "new_concepts": [], "current_concepts": [ "Journal Entry", "Accounts Payable", "Cash Transaction" ] } ## Analyze the transaction components $$ \begin{aligned} &\text{Transaction: Payment of } \$300 \text{ on Accounts Payable} \ &\text{Effect on Accounts:} \ &\quad \bullet \text{Accounts Payable (Liability) decreases by } \$300 \implies \text{Debit Accounts Payable } \$300 \ &\quad \bullet \text{Cash (Asset) decreases by } \$300 \implies \text{Credit Cash } \$300 \end{aligned} $$ ## Identify the correct journal entry structure $$ \begin{array}{llcc} \hline \text{Date} & \text{Accounts} & \text{Debit} & \text{Credit} \ \hline & \text{Accounts Payable} & 300 & \ & \quad \text{Cash} & & 300 \ \hline \end{array} $$ ## Match with the given multiple-choice options $$ \begin{aligned} &\text{Option 1: Debit Cash 300, Credit Accounts Payable 300 (Incorrect)} \ &\text{Option 2: Debit Accounts Payable 300, Credit Office Supplies 300 (Incorrect)} \ &\text{Option 3: Debit Office Supplies 300, Credit Cash 300 (Incorrect)} \ &\text{Option 4: Debit Accounts Payable 300, Credit Cash 300 (Correct)} \end{aligned} $$

(A) Debit Cash 300, Credit Accounts Payable 300

(B) Debit Accounts Payable 300, Credit Office Supplies 300

(C) Debit Office Supplies 300, Credit Cash 300

(D) Debit Accounts Payable 300, Credit Cash 300

(E) I don't know yet

{ "subject": "Business", "question_type": "Multiple Choice", "knowledge_point": [ "Business", "Accounting", "Journal Entries" ] }

Sovi.AI - AI Math Tutor

QUESTION IMAGE

Question

Explanation:

Analyze the transaction components

Identify the correct journal entry structure

Match with the given multiple-choice options

Answer: