Final answer:
An unwritten promise to pay creditors for property such as merchandise, supplies or equipment purchased on credit, or for services received on credit is called an accounts payable.
Step-by-step explanation:
An unwritten promise to pay creditors for property such as merchandise supplies or equipment purchased on credit, or for servics received on credit is called an accounts payable.
In business, accounts payable is a liability on the balance sheet that represents the amount owed to suppliers or vendors. It is recorded when the goods or services are received, and the payment is usually due within a specific time frame.