The party to whom the payment is to be made in a promissory note The party making the promise to pay in a promissory note
Q: What is the principal of a note?
A: A note is a promise to pay a specific amount of money to the payee on a future date. It is a…
Q: Explain the accounting for an assurance-type warranty
A:
Q: What are warranty payments? Please explain.
A: A Warranty is a basically a handwritten promise made by the seller to the buyer on paper that if the…
Q: Describe a note receivable, the computation of its maturity date, and the recording of its…
A: The cumulative sums owed to a client for products or services sold are trade receivables that are…
Q: In bill of exchange the payment is received by
A: Option (d) is the correct answer
Q: Explain the accounting for a service-type warranty.
A: Warranty: Warranty can be defined as a promissory document which is given by the manufacturer to…
Q: A promissory note is"inchoate" until it has been delivered to the____ a. payer or bearer b.payee…
A: Lets start with basic understanding. As per bill of exchange Act 1982, Promissory note is a…
Q: What is a key difference between a short-term note payable and a current portion of a noncurrent…
A: Short term note payable is a debt which is required to be paid within a period of less than one…
Q: What items are listed on a loan document
A: There are various kinds of loans that an individual can take from a bank or a financial institution.…
Q: An installment note is a liability requiring a series of payments to the lender. True or False True…
A: Introduction: An instalment note is a legal obligation or liability that requires the lender to…
Q: The discount allowed to a debtor for early payment is
A: Debtors :- Debtors are the person to whom goods and services are sold on credit.
Q: Under the transaction of a cheque between two parties, an issuer is called: a. Payee b. Endorser c.…
A: Option d is correct.
Q: Define promissory note. Who are the original parties to a promissory note?
A: A promissory note is a valid, financial instrument in which one party guarantees another to settle…
Q: Distinguish between an interest-bearing note and a non-interest-bearing note. How are the proceeds…
A: A commercial paper that contains an express and absolute promise by the maker to…
Q: . How is the present value of a non-interest-bearing note computed?
A:
Q: According to the promissory note below, answer the following questions (Refer to the pic attached)…
A: Maker is the person who is supposed to pay the amount and Payee is the person to whom amount is to…
Q: How should a debt callable by the creditor be reported inthe debtor’s financial statements?
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: a.Determining the level of provision for warranty
A: "A". Determining the level of provision for warranty Explanation Manufacturering companies often…
Q: When do businesses record warranty expense, and why?
A: Warranty: It is an agreement made by the company to provide guarantee against the defects in the…
Q: What are the requirements about forms of Bills or Notes under ULB?
A: "Since you have asked multiple question, we will solve the first question for you. If…
Q: Is notice requirement required before filing a case in escheat proceedings for unclaimed balances?…
A: Escheat refers to the right of the government to take ownership of unclaimed property or unclaimed…
Q: Under what circumstances would an accrual
A: Interest on promissory notes: Interest on the promissory note is a return to the person lending the…
Q: What is a promissory note, and what terms are normally included in promissorynotes?
A: A document or agreement that promises the payment of a specific sum of money at a later date to the…
Q: When do businesses record warranty expenses, and why?
A: Warranty: It is an agreement made by the company to provide guarantee against the defects in the…
Q: The receivable that is usually evidenced by a formal instrument of credit is a(n) Select one: a.…
A: Receivables means amount that is to be received from some other person on account of sale of goods…
Q: Discuss the sanctions associated with issue of dud cheques
A: Dud cheque is the cheque which is worth nothing because the person who wrote the cheque it does not…
Q: What is meant by a promissory note?
A: The amount due to be paid for loan can be promissed by customer by issuing promissory note.
Q: What are current and noncurrent accounts among the following: - Deposit Liabilities - Bills…
A: Current liabilities are those Liabilities which are to be repaid within one year.. Any Liabilities…
Q: What are note payables? How they are recorded?
A: Solution:- Notes payable meaning as follows under:-
Q: ____________is a written promise to pay a specified amount of money, usually with interest, either…
A: Debtors :- It refers to that amount due from Customer is know as Debtors. Invoice :- It is an…
Q: What is the difference between a note payable and an account payable?
A: Current liability: It can be defined as the financial commitments of a business that are due and to…
Q: What is a promissory note? What are its benefits?
A: Promissory note:A promissory note is a legal financial instrument that has a written promise between…
Q: Endorsement
A: Introduction: The process of signing at the back of a check when it is received from someone before…
Q: A formal written instrument of credit that has been received for the amount a customer owes is…
A: The written instruments includes voucher, promissory note, invoice, etc.
Q: Which of the following terms does not refer to the amount that is paid by the note issuer to the…
A:
Q: a contract that is negotiated direclty between a borrowing firm and a bank and under which the…
A: A term loan is a contract which is negotiated between the borrower and the lender according to which…
Q: Distinguish between suspension of payments and insolvency.
A: Suspension of payment Suspension of payment implies temporary financial problems by enabling him/her…
Q: What is the relationship of the promissory note between the maker and the payee?
A: A note of hand can be a financial instrument that contains a written promise by one party (the…
Q: B. Record the entry for acceptance of promissory note in exchange of accounts receivable from…
A: Introduction: A journal entry is a recording of a commercial transaction in the accounting system of…
Q: What occurs when a business pledges its receivables?
A:
Q: The expense for warranty costs is recorded in the period ________
A: The Answer
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- S1: Pactum commissorium is a stipulation whereby the thing used as security shall automatically become the property of the creditor in the event of non-payment of the principal obligation in due time. S2: Pactum commissorium may be a valid stipulation by agreement of parties. a. Only S1 is true. b. Only S2 is true. c. Both are true. d. Both are false.In Promissory note, Maker is the person who. a. Receives the payment b. Makes the sales c. Makes the promise d. Receives the CashDefine promissory note. Who are the original parties to a promissory note?
- Under the transaction of a cheque between two parties, an issuer is called: a. Payee b. Endorser c. Drawee d. DrawerWhat is the relationship of the promissory note between the maker and the payee?4. Which of the following statements about promissory notes is incorrect? a. Interest is the revenue to the maker of the note b. The party making the promise to pay is the debtor c. The party to whom payment is to be made is the creditor d. The maturity date of the note is the date when final payment of the note is due
- A promissory note is written by a. A seller in favour of another seller b. A customer in favour of another customer c. A debtor in favour of a creditor d. A creditor in favour of a debtorWhen the debtor binds himself to pay when his means permit him to do so, the obligation is: a pure obligation an obligation with a suspensive condition an obligation with a resolutory condition an obligation with a suspensive periodAre monetary obligations under a contract of surety intransmissible by their nature, by stipulation, or by provision of law?
- Explain the term Cheque Endorsement, and the conditions necessary for an endorsement of a cheque to be effective.How does the principle of caveat emptor (let the buyer beware) be applied to Warranty in general?classified as liabilities and explain why, or why not, they are classified as liabilities:a) Provision for warrantyb) Unearned revenuec) GST payabled) Allowance for doubtful debtse) A disputable lawsuit