Quiz 16: Notes Payable and Notes Receivable
The Amount of Cash Received at Maturity for a $5,000,90
The amount of cash received at maturity for a $5,000,90 day,6 percent note receivable is $75.
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The face value of a noninterest-bearing note is its maturity value.
The Notes Receivable account usually has a credit balance.
If the amount of a note is not collected at maturity,the accountant should debit Uncollectible Accounts Expense and credit Notes Receivable.
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