Add or Subtract as Indicated $\frac { 1 } { 3 } - \frac { 1 } { 8 }$

question 165

Multiple Choice

Add or subtract as indicated.
- $\frac { 1 } { 3 } - \frac { 1 } { 8 }$

• A) \(\frac { 5 } { 24 }\)
• B) \(- \frac { 1 } { 5 }\)
• C) \(\frac { 1 } { 24 }\)
• D) \(- \frac { 5 } { 24 }\)

Record transactions involving promissory notes, including issuance, payment, and extension.

Comprehend the accounting implications of promissory notes on accounts payable and receivable.

Understand the process and accounting implications of renewing a note at maturity.

Recognize the accounting treatment for non-payment or default on a promissory note.

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Definitions:

Allonge

Accompanying a negotiable instrument, a piece of paper that provides room for an endorsement if no room is available on the negotiable instrument itself.

Endorse

To give support or approval to something or someone, often by writing a signature on a document to authorize its validity or transfer.

Check

A special draft that orders a bank (the drawee) to pay a specified sum of money to the payee from the drawer’s account.

Unqualified

Without any conditions, limitations, or reservations; often referring to an endorsement or opinion that has no restrictions.