Multiple Choice
Cathy is both a debtor and a creditor of Palm Ltd. At the end of the period Cathy owes Palm Ltd $500 while Palm Ltd owes Cathy $2000. After offsetting the amounts, Palm Ltd's books show a balance of how much as still owing to or from Cathy?
A) Cathy (creditor) is owed $1500
B) Cathy (debtor) owes $1500
C) Cathy (creditor) is owed $2500
D) Cathy (debtor) owes $2500
Correct Answer:
Verified
Correct Answer:
Verified
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