A debtor and a creditor record the same note,respectively,as a:
A)note receivable and note payable.
B)note receivable and account receivable.
C)note payable and note receivable.
D)note payable and account payable.

Question

Quizplus · Accepted Answer

Since the debtor and the creditor are recording the same note, one party's record will be a note payable (the debtor's record) and the other party's record will be a note receivable (the creditor's record). Therefore, Choice C is the best answer.

A Debtor and a Creditor Record the Same Note,respectively,as A