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13 October, 01:59

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

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  1. 13 October, 02:15
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    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.
  2. 13 October, 02:22
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    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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