With regard to notes receivable,which of the following statements is correct?
A) Notes receivable are less formal contracts than accounts receivable.
B) Notes receivable are also called promissory notes because a written promise to pay is not required.
C) All notes receivable require the borrower to pledge collateral.
D) The borrower signs a written promise to pay the lender a definite sum at the maturity date, with interest.
Correct Answer:
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