Payables is short for Accounts Payable. I suppose if I help you understand what Accounts Payable means, I guess you’ll owe me one. Did you see what I did there? I am your supplier of answers and if I was charging you for my fantastic service, your Accounts Payable would include the money you owe me for supplying you with this knowledge.
For example…
Let’s say Lisa wanted to see what her catering business owes others. In her Accounts Payable statement, there would be entries like mortgage payments for the commercial kitchen space she purchased and her monthly payments to farmers who supply her with fruit and vegetables.
