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what is accounts payable ..what is accounts receivable
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Answer / thejaswini
To pay of a short term debt to its creditors it is called accounts payable & Money owed by the customer (individuals or corporations) to another entity in exchange for goods or services that have been delivered or used but not yet paid for is accounts receivables
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Answer / sangram sahoo
Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.
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Given the following entries from a TRIAL balance, what entries would fall where in a Balance Sheet & an Income Statement? Accounts receivables Merchandized inventory stores supplies office supplies prepaid insurance accumulated Dep accounts payable sales salaries advertising expense Miscellaneous expense Office salaries expense rent expense Depreciation expense Insurance expense Bad debts expense Allowance for doubtful debts Supplies expense
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