what is the difference between accounts receivable and accounts payable?

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normielutz | (Level 1) eNoter

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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.