Multiple choice

Total of Bills Payable Journal is posted to the

  1. credit of bills receivable account

  2. credit of bills payable account

  3. credit of drawer's account

  4. credit of drawee's account
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Bills Payable is a liability, thus would have credit balance. The balance of bills payable account would be carried forward in the Bills Payable a/c in the next period.

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