Question

question 18 (mandatory) (5 points) a check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. what entry is required in the companys accounts? debit accounts payable; credit cash debit cash; credit accounts receivable debit cash; credit accounts payable debit accounts receivable; credit cash question 19 (mandatory) (5 points) journal entries based on the bank reconciliation are required in the companys accounts for

Explanation:

The company over - recorded the payment in the journal. The correct amount of the liability payment was $340 but it was recorded as $430. To correct this, we need to decrease the liability (Accounts Payable) and decrease the over - recorded cash payment. Debiting Accounts Payable reduces the liability, and crediting Cash reduces the over - recorded cash outflow.

Answer:

debit Accounts Payable; credit Cash