How Will the Lender of the Promissory Note Record the Note

question 30

Multiple Choice

How will the lender of the promissory note record the note on its books?

• A)The promissory note will be recorded as an asset.
• B)The promissory note will be recorded as a contra asset.
• C)The promissory note will be recorded as revenue.
• D)The promissory note will be recorded as an expense.

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Definitions:

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An education institution for students, typically between the ages of 14 and 18, that follows primary school and precedes higher education.

Juvenile Delinquency

Illegal or antisocial behaviors committed by a person under the age of majority.

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Actions or activities that are prohibited by law, ranging from minor offenses to serious crimes against persons or property.

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Young people in the transitional stage of physical and psychological development that generally occurs during the period from puberty to legal adulthood.