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The given transaction is recorded as accounts payable.
Accounts payable (AP), also known as "payables," is the term used to describe a business's current short-term obligations to its suppliers or creditors. A company's payables are listed as a current liability on its balance sheet.
Money owing by a corporation to its suppliers is reflected as a liability on the balance sheet and is known as accounts payable (AP). It differs from liabilities for notes payable, which are obligations made by formal legal instrument documents. The primary duties of an accounts payable department include processing and reviewing supplier transactions, as well as making sure that all unpaid invoices from suppliers are authorized, processed, and paid.
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