Which of the following is true about accounts payable?Accounts payable are also called trade accounts payable.When accounts payable are recorded at the net amount, a Purchase Discounts account will be used.When accounts payable are recorded at the gross amount, a Purchase Discounts Lost account will be used. 1 2 3 Both 2 and 3 are true

Name: Which of the following is true about accounts payable?Accounts payable
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Description: Which of the following is true about accounts payable?Accounts payable are also called trade accounts payable.When accounts payable are recorded at the net amount, a Purchase Discounts account will be used.When accounts payable are recorded at the gr

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following is true about accounts payable?

Accounts payable are also called trade accounts payable.
When accounts payable are recorded at the net amount, a Purchase Discounts account will be used.
When accounts payable are recorded at the gross amount, a Purchase Discounts Lost account will be used.

Both 2 and 3 are true

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