When a Promissory Note Is Issued,you Would Expect to Find

question 5

Multiple Choice

When a promissory note is issued,you would expect to find:

• A)Notes payable and interest expense in the financial statements of the maker of the note throughout the life of the note.
• B)Notes receivable and interest revenue in the financial statements of the maker of the note throughout the life of the note.
• C)Notes receivable in the financial statements of the maker of the note throughout the life of the note,but interest revenue only when interest payments are received.
• D)Notes payable in the financial statements of the payee of the note throughout the life of the note,but interest expense only when interest payments are made.