Question

Amounts owed to suppliers for supplies purchased on account are defined as

Answer 1

Amounts owed to suppliers for supplies purchased on account are defined as "accounts payable". It is an accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. Hope this answers the question. Have a nice day.

Answer 2

The term being referred in the item above is called as "Accounts Payable". By the words being used in the term itself, it may be easily determined that this is a liability being owed to the supplier and should be payed in any terms, such as notes, check, or cash.