When a bill is discharged, the acceptor debits __________.

Creditor's account

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Cash account

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Bills payable account

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Bills receivable account

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Solution

The correct option is C Bills payable account
A bill is discharged by payment in due course by or on behalf of the drawee or acceptor. While preparing the journal entry for discharge of bill Bills payable account is debited and Drawer account is credited.

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When a bill is discharged, the acceptor debits __________.

The correct option is C Bills payable accountA bill is discharged by payment in due course by or on behalf of the drawee or acceptor. While preparing the journal entry for discharge of bill Bills payable account is debited and Drawer account is credited.

The correct option is C Bills payable account
A bill is discharged by payment in due course by or on behalf of the drawee or acceptor. While preparing the journal entry for discharge of bill Bills payable account is debited and Drawer account is credited.