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Question - The comparative accounts payable and long-term debt balances for a company follow.
Current Year
Previous Year
Accounts payable
$37,051
$46,900
Long-term debt
62,951
52,900
Required - Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Enter all answers as positive numbers.
Prepare the journal entries on the books of Twilight Corporation to record each of the above transactions, including any year-end journal entries
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