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Which of the following statements regarding payables and receivables are true? 1. Payables represent money the business owes il. Payables are an asset il Receivables

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Which of the following statements regarding payables and receivables are true? 1. Payables represent money the business owes il. Payables are an asset il Receivables represent money owed to the business Ol only Ol and it only O and ill only Oil only ating

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