Which term best describes the written promise from customers to pay the business at a later date?

The term that best describes a written promise from customers to pay the business at a later date is accounts receivable. This is a key concept in accounting that refers to the amounts owed to a company by its customers for goods or services that have been delivered but not yet paid for. When a business extends credit to customers, these amounts become accounts receivable, reflecting the expectation of future cash inflows.

In contrast, accounts payable refers to the amounts a company owes to its suppliers or vendors, representing liabilities rather than assets. Sales receivable is not a standard term commonly used in accounting, which typically refers to the same concept as accounts receivable. Deferred revenue represents payments received before services are rendered or goods are delivered, which reflects an obligation for the company rather than a promise from the customer to pay later.