When You Enter Bills for a Vendor, Accounts Payable and the Vendor

question 9

True/False

When you enter bills for a vendor, Accounts Payable and the vendor are debited.

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Definitions:

Decrease

A reduction in size, number, or amount.

Debit

A bookkeeping record that leads to an uptick in a firm's assets or a reduction in its liabilities on the balance sheet.

Account Receivable

Money owed to a company by its customers for goods or services delivered but not yet paid for.

Total Assets

The sum of all current and non-current assets owned by a business, representing its value and operational capacity.