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True or False: If an organization provides a service but it does not receive the payment in the moment and expects to collect it in

True or False: If an organization provides a service but it does not receive the payment in the moment and expects to collect it in the future, it creates a liability called an account receivable. If an organization receives supplies, but does not pay them in the moment and expects to pay them in 30 days, it creates an asset called an account payable. (if false, please explain)

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