This account is used to represent the amount owed on a promissory note.

Name: This account is used to represent the amount owed on a promissory note.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Notes Payable is the account used to represent the amount owed on a promissory note. Accounts Payable represents the amount owed to suppliers for goods or services received, Promissory Note is the actual legal document outlining the terms and conditions of the loan, and Cash Receipt Payable is not a commonly used accounting term.

This Account Is Used to Represent the Amount Owed on a Promissory