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Answer
Journal entry for payment of account payable
Payment of account payable means the payment of cash for the purchase on account.
For example
Company A purchase goods costing $7,000 from company BB on credit on January 7th.
Company A journal entry for the credit purchase is as follows.
Purchase Dr 7,000
To account payable 7,000
On January 27th Company pay cash for the goods purchases from Company BB on January 7th.
Journal entry for the payment of account payable.
Account payable Dr 7,000
To Cash 7,000
CORRECT option is optin b Debits account payable credits cash.
Option a is INCORRECT debit cash credit account payable is incorrect because it is the journal entry for credit purchase.
Option C is INCORRECT because this journal entry debit both cash and account payable.
Option d is INCORRECT because option b is the correct journal entry.
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