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A company receives inventory on 15 April and pays for it in part by cash, with the balance payable 30 days later. What is recorded
A company receives inventory on 15 April and pays for it in part by cash, with the balance payable 30 days later. What is recorded in the accounts on 15 April under the accrual method?
Both the cash and non-cash component
Cash elements only
Nothing until the full amount is paid
The cash amount is recorded as an expense, with the balance recorded as a payable.
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