Tyler is completing a balance sheet for his home improvement company. He must include the amounts he owes to suppliers for lumber, tools, equipment, and other materials that he purchased with credit. These liabilities are called

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Accounts payable refers to the amount owed to suppliers for goods and services purchased with credit. In this scenario, the lumber, tools, equipment, and other materials Tyler purchased with credit represent his accounts payable liabilities.

Tyler Is Completing a Balance Sheet for His Home Improvement