Question Details

Explain how the above journal entry relates to the measurement issues 



1.	Use this journal entry to answer the following question.

Nov.	16	Accounts Payable	685	
			Cash		685
				Recorded payment of a liability		

Explain how the above journal entry relates to the measurement issues of (a) recognition, (b) valuation, and (c) classification.
2.	For each item below, indicate whether a debit or a credit applies.

a. Decrease in Accounts Payable
b. Decrease in Land
c. Increase in Owner's Capital
d. Increase in Unearned Revenue
e. Decrease in Interest Payable
f.  Increase in Prepaid Insurance
g. Increase in Wages Expense
h. Decrease in Art Supplies
i.  Increase in Advertising Fees Earned




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