A promissory note received from a customer in exchange for an account receivable: Is a cash equivalent for the recipient. Is an account receivable for the recipient. Is a note receivable for the recipient. Is a short-term investment for the recipient. Is a note payable for the recipient.

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

Management Mar 25, 2021

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.

Expert Solution

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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