A Note Receivable Is a Written Promise by the Maker

question 229

True/False

A note receivable is a written promise by the maker to the payee to pay a specified amount of money at a definite time.

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Definitions:

Journal Entries

The recording of financial transactions in a company's ledger, detailing the accounts affected and the amounts debited or credited.

Authorized

Refers to the official approval or permission for something, often used in the context of authorized shares in a corporation.

Outstanding

Describes something that is currently due or has not been settled or resolved, often referring to payments or checks.

Treasury Stock

Shares once issued and then retrieved by the originating company, lowering the volume of shares trading on the open market.