Amounts owed to suppliers for supplies purchased on account are defined as

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21-01-2017
Business

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Amounts owed to suppliers for supplies purchased on account are defined as

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taskmasters taskmasters · Answer 1 · 2017-01-31T12:00:33+01:00

taskmasters taskmasters

31-01-2017

The term being referred in the item above is called as "Accounts Payable". By the words being used in the term itself, it may be easily determined that this is a liability being owed to the supplier and should be payed in any terms, such as notes, check, or cash.

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MissPhiladelphia MissPhiladelphia · Answer 2 · 2017-01-31T14:07:51+01:00

MissPhiladelphia MissPhiladelphia

31-01-2017

Amounts owed to suppliers for supplies purchased on account are defined as "accounts payable". It is an accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. Hope this answers the question. Have a nice day.

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