$3$ of $37$ Concepts completed

Multiple Choice Question

Ace Electronics recelved $$200$ of copy paper from its supplier and promised to pay for it next month. Ace should report

Accounts Payable of $$200$ on its income statement

nothing, because cash hasn't been paid yet

Accounts Payable of $$200$ on its balance sheet

Cash of $$(200)$ on its balance sheet

Accounts Receivable of $$200$ on its balance sheet

Accounts Receivable of $$200$ on its income statement

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