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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Describe the difference between an account receivable and an account payable.

To determine

Account receivable: The amount of money to be received by a company for the sale of goods and services to the customers, is referred to as account receivable.

Account payable: The amount of money to be paid by a company for the purchase of goods or services from suppliers or vendors, is referred to as account payable.

To distinguish: Between account receivable and account payable

Explanation

Differences between account receivable and account payable:

Account Receivable Account Payable
This is the amount of money to be received from customers by company. This is the amount of money to be paid to suppliers by company...

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