The balance in accounts payable is $122,400. Included in this amount is $10,400 if advance deposits made by X Co. on future purchases
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The balance in accounts payable is $122,400. Included in this amount is $10,400 if advance deposits made by X Co. on future purchases
DR Accounts Payable Account-----------------10,400
CR Purchases Account-----------------------------------10,400
Being the amount of purchases paid in advance.
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