Amounts owed to vendors for merchandise or services purchased on credit are called _____.

Question

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Payables refer to the amounts owed to vendors for merchandise or services purchased on credit. Option A, receivables, are amounts owed by customers to a company for goods or services sold on credit. Option B, deposits, are funds paid by a customer upfront to secure a purchase or service. Option C, chargebacks, are when a customer disputes a charge on their credit card and requests a refund.

Amounts Owed to Vendors for Merchandise or Services Purchased on Credit