Question

The business incurred an expense and paid it immediately. To record this __________.

Question 39 options:

an expense is debited and a liability is credited


an expense is debited and an asset is credited


an expense is debited and Capital is credited


None of the above answers are correct.

D

Answer 1

nope.

Answer 2

Yeah B

Answer 3

right.

Answer 4

A credit to an asset account was posted to a liability account. This error would cause __________.

Question options:

assets to be understated


liabilities to be overstated


capital to be understated


None of the above answers are correct.

An- A

Answer 5

liabilities would be understated.