Accounts payable is a file or account that contains
money that a person or company owes to
suppliers, but hasn't paid yet. When you receive an
invoice you add it to the file, and then you remove it when you pay. Thus, the A/P is a form of
credit that suppliers offer to their purchasers by allowing them to pay for a
product or
service after it has already been received.
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money which a company owes to vendors for products and services purchased on credit (see creditors).
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