JLennon Borrows a Sum of Money from Y

question 143

Multiple Choice

J.Lennon borrows a sum of money from Y.Ono.A promissory note is used to document the terms of the transaction.In this situation:

• A)J.Lennon is considered the maker of the note.
• B)J.Lennon is considered the payee of the note.
• C)J.Lennon records the note as an asset in his accounting records.
• D)The maker of the note could be either Y.Ono or J.Lennon depending on which party actually draws up the document.

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