Asked by
Crystal Rajkaran
on Nov 14, 2024
Verified
Notes payable usually require the borrower to pay interest.
Notes Payable
An accounting term for amounts owed by a business that are evidenced by promissory notes.
Borrower
An individual or entity that receives something with the agreement to return it or its equivalent to the lender at a later date.
- Determine the correct way to handle notes payable and related interest in accounting practices.
Verified Answer
AB
Learning Objectives
- Determine the correct way to handle notes payable and related interest in accounting practices.