Which of the following statements is accurate regarding Accounts payable?
a. Accounts payable are assets which are increased on the left side of the T-account
b. Accounts payable refer to promises to pay later, which may arise from the purchase of supplies or services.
c. Accounts payable refer to deposits made by the business into their checking account
d. Accounts payable refer to amounts owed to the business by customers who purchased products on credit.