Question: Distinguish between receivables and payables by selecting the correct statements. Multiple select question. Accounts Payable is an asset and reports the amount of cash to

Distinguish between receivables and payables by selecting the correct statements.
Multiple select question.
Accounts Payable is an asset and reports the amount of cash to be received in the future for sales made on account.
Accounts Receivable is a liability and reports the amount of cash to be paid in the future for purchases made on account.
Accounts Receivable is an asset and reports the amount of cash to be received in the future for sales made on account.
Accounts Payable is a liability and reports the amount of cash to be paid in the future for purchases made on account.

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