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  • 5.2 Payments To Accounts Payable

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    obiscarsgovroom123
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    A payment to an Accounts Payable account credits the Bank account as it is a cash transaction that reduces the amount of money in the Bank. At the same time, the payment debits the Accounts Payable account as it reduces the amount that is owed to the creditor.

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    A payment to an Accounts Payable account credits the Bank account as it is a cash transaction that reduces the amount of money in the Bank. At the same time, the payment debits the Accounts Payable account as it reduces the amount that is owed to the creditor.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    6 views1 page

    5.2 Payments To Accounts Payable

    Uploaded by

    obiscarsgovroom123
    A payment to an Accounts Payable account credits the Bank account as it is a cash transaction that reduces the amount of money in the Bank. At the same time, the payment debits the Accounts Payable account as it reduces the amount that is owed to the creditor.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    5.

    2 Payments to Accounts
    Payable
    As a cash transaction, a payment to an Account Payable reduces the Bank so this account is
    credited. At the same time, the amount owing to the Account Payable also reduces, so this
    liability account is debited.

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