Accounting II

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Chapter 16: Notes Payable / Notes Receivable

NOTES PAYABLE

A note payable is a liability that represents a written promise by the debtor to pay the creditor a specified amount at a specified future date.

Interest is the fee charged for the use of money.

Interest Principal x Rate x Time

Time # of days on note / 360 OR # of months on note / 12

Maturity value is the total amount that must be paid when a note becomes due.

Recording the issuance of a note payable (if you are the borrower): Debit expense account related to purchase Credit Notes Payable Trade

Recording payment of a note payable (and interest): Debit Notes Payable for note amount Debit Interest Expense for interest Credit Cash

Recording Discounted Notes Payable: If a 10K, 6% 60-day note is discounted with...

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vomms
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Published On:
02/23/2020
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