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    strawberri521's Avatar
    strawberri521 Posts: 2, Reputation: 1
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    #1

    Oct 16, 2011, 03:45 PM
    Applied accounting true and false questions?
    Accounts Receivable represents the amount of money that a business owes to its creditors as a result of purchasing ?on account.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 16, 2011, 04:00 PM
    False, it represents customers purchasing on account and they owe you money.

    Accounts Payable represents puchases made by the business on account and the business owes somebody money.
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