Acash payment of $130 on account was recorded as a $310 debit to accounts payable and a $310 credit to cash. the necessary correcting entry is

(310-130=180)

debit cash $180; credit Accounts Payable, $180

Hope this helped :) !

Food is need but having fast food from expensive restaurants is want.

Car is considered as a luxury its is a want, travelling from bus is a need.

Having small studio apartment to live is need but buying expensive villa is want.

Buying new clothes is need when old clothes are torn.

Shopping from grocery stores is need, shopping from malls is want.

buying branded shoes is want but having normal shoes are need.

Explanation:

These is difference between human needs and wants. A person may want so many luxuries in life but actually he can survive without buying it. Needs are the things without which survival of a person is risk.