What is the difference between accounts payable and accounts receivable?

Definition of Accounts Payable

Accounts payable is a current liability account in which a company records the
amounts it owes to suppliers or vendors for goods or services that it received on
credit.

Definition of Accounts Receivable

Accounts receivable is a current asset account in which a company records the
amounts it has a right to collect from customers who received goods or services on
credit.

Examples of Accounts Payable and Accounts Receivable

Let's assume that Company A sells merchandise to Company B on credit (with payment
due 30 days later). Company A will record the amount of the sale with a credit to
Sales and a debit to Accounts Receivable. Company B will record the purchase
(perhaps as inventory) with a credit to Accounts Payable.

When the amount of the credit sale is remitted, Company B will debit its liability
Accounts Payable and will credit Cash. Company A will debit Cash and will credit
its current asset Accounts Receivable.

Symmetry with Accounts Receivable and Accounts Payable

Our examples show that there are two sides to every transaction (which some people
refer to as symmetry).
At the time of the sale:

Company A reported a sale and a current asset, and

Company B reported a purchase and a current liability
At the time of payment:

Company A's Cash increased and its Accounts Receivable decreased

Company B's Cash decreased and its Accounts Payable decreased