Master equipment has a 17400 liability to arrow paint co., Ask an Expert

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Master Equipment has a $17,400 liability to Arrow Paint Co. When Master Equipment makes a partial payment of $7,600 on this liability, which of following is true about the journal entry made by Master to record this transaction?

A) The Cash Paid Out account is debited $7,600

B) The liability account Accounts Payable is credited $9,800

C) The Cash account is debited $7,600

D) The Accounts Payable account is debited $7,600

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947489

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