An unconditional written promise to pay a definite sum of money on demand or on a defined future date (or dates) is a(n)
A) unearned revenue
B) prepaid expense
C) account payable
D) notes receivable
E) account receivable

Question

Quizplus · Accepted Answer

An unconditional written promise to pay a definite sum of money on demand or on a defined future date (or dates) is called a notes receivable. A notes receivable is a type of asset that represents the amount of money owed to a company by its customers or other parties for goods or services rendered or borrowed money.

An Unconditional Written Promise to Pay a Definite Sum of Money