Accounts receivable is an amount that a debtor (in this case the customer) owes your business. So this is considered an asset.
Accounts payable is an amount that a creditor (in this case can be us the business) owes a business. This is considered a liability.
Cost of goods sold is the amount a business pays to produce goods to be sold in a specific period of time usually a year. It is recorded on the income statement. It is considered as an expense.
