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