Accountıng Iı Deneme Sınavı Sorusu #1036161
In cases of purchases on credit or borrowings, companies may issue promissory notes as an arrangement to formalize the repayment of a certain amount of cash at a certain date to a third party. If it is expected to be paid in the following fiscal year, how are these promissory notes recorded?
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As accounts payable |
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As tax payable |
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As notes payable |
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As unearned revenue |
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As accruals |
In cases of purchases on credit or borrowings, companies may issue promissory notes as an arrangement to formalize the repayment of a certain amount of cash at a certain date to a third party. If it is expected to be paid in the following fiscal year, these promissory notes are recorded as notes payable in current liabilities section of balance sheet. The correct answer is C.
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