what is the difference between accounts receivable and accounts payable?
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Account Receivable is an asset while account payable is a liability. Hence, account receivable is recorded under asset in a balance sheet, on the other hand, account payable is recorded under liabilities.
Account receivable are the amount of money or goods that a company has the right to collect for any product/service that it has sold or rendered.
Account payable is the amount that a company has to pay for any product/service that it has bought which is not paid immediate as the goods were delivered.
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