For a Long-Term Note Payable,repaying a Portion of Principal Along

question 16

True/False

For a long-term note payable,repaying a portion of principal along with interest payments is called loan amortization.

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Definitions:

Roofing Fees Revenue

This refers to the income generated from providing roofing services.

Accounts Receivable

Outstanding payments due to a business from its clients for goods or services already delivered but not yet settled.

Unearned Revenues

Funds paid to a business for products or services that are to be supplied or carried out in the future.

Adjusting Entry

An accounting entry made in the books at the end of an accounting period to allocate income and expenditure to the correct period.