What is an accounts payable? A Amounts a customer owes our business from a credit sale where the customer promises to pay later. 8. Amounts our company has already payed to our vendors. C. Amounts our business is obligated to pay in the future. D. Amounts our company must return to our vendor if discounts are not granted on our purchases. QUESTION 2 Which of the following is true regarding recording an accounts payable transaction? A. When a purchase is made, accounts payable is increased with a debit and when the bill is paid, accounts payable is decreased with a credit B. Accounts payable transactions arise solely from inventory purchases and not service related payments. C. Accounts payable represents a note: a vendor ensures wesign an agreement with interest pald. D. When a purchase is made, accounts payable is increased with a credit and when the bill is paid, accounts payable is decreased with a debit. QUESTION 3 What is a mechanism used by a company to track amounts it owes vendors? A Accounts Payable Aging Report. 8. Accounts Receivable Aging Report. C. Accounts Payable Reconciliation Report. D. Cash to Payables Reconciliation