1.
Concept Introduction:
Short-term notes payable: It is a written promissory note where a specific promise is made to pay a certain amount on a date in the future which is within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.
The maturity of a given note.
2.
Concept Introduction:
Short-term notes payable: It is a written promissory note where a specific promise is made to pay a certain amount on a date in the future which is within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.
The entry to record (a) issuance and (b) maturity of the note.
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