A promissory note:
A)Is a conditional promise in writing to pay on demand or at a future date a definite sum of money.
B)Is recorded by the maker by crediting Note Receivable.
C)Is signed by the person promising to pay the note,called the payee.
D)Will be recorded on both the books of the payee and the maker.

Question

Quizplus · Accepted Answer

A promissory note is recorded on both the books of the payee and the maker because it represents a liability for the maker and an asset for the payee.

A Promissory Note