Question

what is the difference between account receivable and account payable?
required short answer and simply

Answer 1

accounts receivable are the amounts that the business shall receive in the future i.e they are the assets of the business.

accounts payable are the amounts that the business shall pay in the future i.e they are the liabilities of the business.

for example, the business sold goods for $20,000 on credit, then this $20,000 is the accounts receivable for the business becuase the business shall receive $20,000 from the customer is the future.

for example, the business purchased goods for $12,000 on credit, then this $12,000 is the accounts payable for the business becuase the business shall pay $12,000 to the supplier is the future.

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