Notes Receivable in Accounting

Notes receivable are assets and represent amounts due to a business by a third party (usually a customer). What distinguishes notes receivable from accounts receivable is that they are issued as a promissory note.

With a promissory note, the third party who issued the note (called the maker) promises in writing, to pay an amount of money (principal and interest) to the business (called the payee) at a given time or on demand.

Notes Receivable in Accounting March 27th, 2017Team
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