Accounts Payable

A company's accounts payable are all the money that it owes to other companies for goods or services that it has received or a list of these companies and the amounts owed to them [Collins Dictionary].
Account payable is any amount owed by a company as the result of a purchase of goods or services from another company on a credit basis. Under a trade-credit arrangement, the purchasing company, after placing its order with the seller, receives the goods and an invoice denoting the goods' price and the payment terms. The purchasing firm does not send a trade acceptance or promissory note for payment but enters the amount owed as a current liability in its accounts.
Companies incur this type of short-term debt primarily to finance their inventories; if inventory turnover is rapid within an industry, a company may be expected to have large accounts payable. Within any given industry, smaller companies are more likely to use this type of trade credit because they are less able to pay cash and take advantage of discounts than larger companies and have fewer sources of credit open to them [Encyclopedia Britannica].

Sources:

Accounts payable. Encyclopedia Britannica. Retrieved from: https://www.britannica.com/topic/account-payable

Accounts payable. Collins English Dictionary. Retrieved from: https://www.collinsdictionary.com/dictionary/english/accounts-payable