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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

When a note is dishonored, the interest is not credited to Interest Revenue because it is not earned.

To determine

Identify whether the given statement is true or false.

Explanation

Promissory note:

Promissory note is the written to make payment for a particular sum at a definite future date.

The principle value of the note including the interest equals the “maturity value of the note”.

If the note is not renewed or paid at maturity by the maker, then the note is said to be dishonored...

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