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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.
Interest payments on a note payable do not change the notes payable account, but they do reduce a companyâs cash flow because the company is using its cash. When a business makes an interest payment, it reports the amount as a cash outflow in the operating activities section of the cash flow statement. note payable is a debt that is established with a written agreement, such as a bank loan. The notes payable account in the liabilities section of the balance sheet represents the total amount a business owes on these particular debts.