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Which Pair Is Most Appropriately Matched

question 116

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Which pair is most appropriately matched?


Definitions:

Equipment

Tangible property used in operations, such as machinery, computers, and furniture, which has a useful life longer than one fiscal period.

Accounts Payable

Liabilities or debts owed by a company to suppliers or creditors for goods or services purchased on credit.

Purchases Journal

A specific type of accounting record where a business records all transactions related to the acquisition of goods intended for resale or for use in production.

Cash Receipts Journal

A specialized accounting journal used to record all cash inflows of a business, including sales and debt collections.

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