Question

Time Remaining 1 hour 48 minutes 56 seconds01:48:56 Item 5Item 5 Time Remaining 1 hour 48 minutes 56 seconds01:48:56 Accounts payable are: Multiple Choice Amounts received in advance from customers for future services. Always payable within 30 days. Estimated liabilities. Amounts owed to suppliers for products and/or services purchased on credit.

Answer 1

Answer:

Amounts owed to suppliers for products and/or services purchased on credit.

Explanation:

Accounts payable are basically short term debts that a company has with its suppliers. E.g. a retailer purchases goods from a wholesaler on terms n/30. In this case, the accounts payable would be the amount of money owed to the retailer. There is no specific time frame for an accounts payable, since it varies depending on the credit that the supplier gives. E.g. sometimes a supplier will sell on a 45 day credit period, or even 60 day period.