Accounts payable are amounts owed by a business to its suppliers or vendors for goods or services purchased on credit. In the given list, the items that would be considered accounts payable are:
1. Dental supplies: This can be considered accounts payable if the dental supplies were purchased on credit, meaning the business owes money to the supplier for these supplies.
2. Insurance payments: Insurance payments are typically not accounts payable since they are usually paid in advance for coverage.
3. Patient payments: Patient payments are amounts received from clients for services provided and are not accounts payable.
4. Utility bills: Utility bills are considered accounts payable when the business receives the bill but has not yet paid for the services.
5. Telephone bill: Similar to utility bills, a telephone bill becomes accounts payable when the business receives the bill but has not yet paid it.
6. Internet expense: Internet expenses are usually paid for in advance and not considered accounts payable.
7. Rent or lease on a building: Rent or lease payments are not accounts payable as they are typically paid in advance or at the beginning of the rental period.
Therefore, in the given list, dental supplies, utility bills, and telephone bills would be considered accounts payable if they were purchased on credit and payment is pending.
