A difference between notes payable and accounts payable is that:

Group of answer choices

accounts payable are usually outstanding for longer periods of time than notes payable.

accounts payable have an interest component but notes payable do not.

notes payable are usually for smaller amounts than accounts payable.

each note payable is supported by a legal document describing details about the company's promise to repay a loan, but accounts payable usually don't have this type of documentation.