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    opierfg's Avatar
    opierfg Posts: 3, Reputation: 1
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    #1

    Nov 27, 2010, 11:26 AM
    Accounting
    The accounts payable has a $3,000 credit balance. An entry for the payment of $1,000 on the amount owed is recorded and posted,The new balance of the accounts payable is__________balance.

    a.2,000 credit
    b.4,000 credit
    c.2,000 debit
    d.4,000 debit
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Nov 27, 2010, 05:40 PM

    A payable has a credit balance means that you owe the amount of the balance. An entry for the payment means that you made a payment on account, which also means that you decreased the amount that you owe on the payable.
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