Seth Runs David's Connecticut Farm While David Works as a Stockbroker

question 2

Essay

Seth runs David's Connecticut farm while David works as a stockbroker in New York City.Twice a year,David asks Seth for an accounting.Explain Seth's duty to provide an accounting.

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Definitions:

Accounts Payable

Liabilities owed by a company to its suppliers or creditors for goods or services purchased on credit.

Note Receivable

A promissory note from the payee’s point of view.

Promissory Note

A written promise to pay a specified amount of money, usually with interest, at a determined future date.

Payee

The person or company to whom the check is payable.