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Homework answers / question archive / A promissory note received from a customer in exchange for an account receivable: Is a cash equivalent for the recipient

A promissory note received from a customer in exchange for an account receivable: Is a cash equivalent for the recipient

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A promissory note received from a customer in exchange for an account receivable:

    1. Is a cash equivalent for the recipient.
    2. Is an account receivable for the recipient.
    3. Is a note receivable for the recipient.
    4. Is a short-term investment for the recipient.
    5. Is a note payable for the recipient.

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Answer:

C . Is a note receivable for the recipient .

Step-by-Step explanation

A promissory note is a written promise to pay a specified amount of money at a specified date. It is also referred to as a note payable. A promissory note contains:

  • Principal amount
  • Interest rate
  • Maturity date
  • Date and place of issuance
  • Issuer's signature

Therefore, the correct answer is (c).

 

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