Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 20 - No. 37)
What type of items should be included in a credit side of total trade payables account?
Cash payments to suppliers.
Credit purchases for the year.
Opening balance brought down.
Closing balance carried down.
Explanation
The opening balance is a credit item, the credit purchases increases the amount, and the cash payments decrease this amount.
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