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accounts payable and accounts receivable

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Comparison chart Accounts Payable Accounts Receivable Refers to Money that the company owes to others Money that others owe to the company Abbreviation A/P or AP A/R or AR Paid to whom? Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Recorded as Liability (payable always a liability) Asset (receivable always an asset) How each affects a business? Accounts payable will decrease a company's cash Accounts receivable will increase a company's cash What Causes this Transaction? Purchasing goods on credit Selling goods on credit

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Page 1: Accounts Payable and Accounts Receivable

Comparison chart

Accounts Payable Accounts Receivable

Refers toMoney that the company owes to others

Money that others owe to the company

Abbreviation A/P or AP A/R or AR

Paid to whom?

Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor.

Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer.

Recorded asLiability (payable always a liability)

Asset (receivable always an asset)

How each affects a

business?

Accounts payable will decrease a company's cash

Accounts receivable will increase a company's cash

What Causes this

Transaction?

Purchasing goods on credit Selling goods on credit

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