The maker of a note records interest expense. The creditor of a note holds a note receivable.
举一反三
- When a note is discounted at the bank, the maker must make good on the note if the payee defaults.
- If the maker of a promissory note fails to pay the note on the due date, the note is said to be ____. A: displaced B: disallowed C: dishonored D: discounted
- In a bank reconciliation, a bank collection of a note receivable is:
- SAFE is different from convertible note because convertible note does not have interest rates while SAFE has.
- Interest due on a note payable to First National Bank at December 31 equals $125. What adjusting entry is required to accrue this expense?