A debt owed by a business that arises in the normal course of its dealings, that has not been replaced by a note from another debtor, and that is not necessarily due or past due.
Bills for materials received or obligations on an open account may be accounts payable. This kind of liability usually arises from a purchase of merchandise, materials, or supplies.
"Account Payable." West's Encyclopedia of American Law. . Encyclopedia.com. (September 23, 2018). http://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/account-payable
"Account Payable." West's Encyclopedia of American Law. . Retrieved September 23, 2018 from Encyclopedia.com: http://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/account-payable
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