Question

what is bills payable and bills receivable ?

Answer 1

A bill payable is a document which shows the amount owed for goods or services received on credit. ... Hence, the bill payable is also known as an unpaid vendor invoice. Under the accrual method of accounting or bookkeeping, a bill payable or unpaid vendor invoice is recorded in Accounts Payable with a credit entry.
   that a company will receive payment for in the future, and the part of the company's accounts thatshows these bills. Bills receivable form part of a company's assets.