A company owes $200,000 on a bank loan.It will be reported as Notes Payable.

Name: A company owes $200,000 on a bank loan.It will be reported as Notes Payable.
Brand: Quizplus
Rating: 4.8 (55 reviews)

Question

Quizplus · Accepted Answer

Notes payable is a type of liability account that represents the amount owed by a company to its creditors, often in the form of a promissory note. Therefore, a bank loan of $200,000 would be reported as Notes Payable on the company's balance sheet.

A Company Owes $200,000 on a Bank Loan