Suppose the McDonalds Corporation imports 100 tons of Canadian beef, paying for it by transferring the funds to a New York bank account kept by the Canadian Beef Conglomerate.
A. Payment by McDonalds will be recorded as a debit
B. The deposit of the funds by the seller will be recorded as a debit
C. Payment by McDonalds will be recorded as a credit
D. The deposit of the funds by the buyer will be credit
Answer:A
Suppose the McDonalds Corporation imports 100 tons of Canadian beef, paying for it by transferring the funds to a New York bank account kept by the Canadian Beef Conglomerate.
A. Payment by McDonalds will be recorded as a debit B. The deposit of the funds by the seller will be recorded as a debit C. Payment by McDonalds will be recorded as a credit D. The deposit of the funds by the buyer will be credit