Credit purchases are supported by
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Total Creditors Account.
Explanation:
"To buy something on the condition that you will pay for it later."
When you buy something on credit, you get it right away, but you have to pay for it later. Purchasing anything on the account is another term for credit purchases.
The corporation owes money to its creditors, and the amounts should be shown as a current obligation or a non-current (or long-term) liability on the balance sheet.
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