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Accounts payable is the total amount of debt the company has to pay to its creditors for goods or services bought on credit. On the other hand, accrued expenses is the total liability that is payable for goods and services that have been received but not been billed. Accounts payable are recognized on the balance sheet when the company buys goods or services on credit. Accrued expenses are realized on the balance sheet at the end of a company's accounting period, when they are recognized by adjusting journal entries in the company's ledger.
Reply. You put account payable balance at the credit side and put receivable at the debit side of the income statement. In the balance sheet account receivable balance forms part of your current assets and account payable balance is part of your short term liabilities. I hope this answers your question prince.