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Chapter 20
| Term | Definition |
|---|---|
| number of a note | number assigned to identify a specific note |
| payee of a note | to whom the amount of a note is payable |
| date of a note | day a note is signed |
| time of a note | days, months, or years from the date of signing until a note is to be paid |
| principal of a note | (face amount of a note); original amount of note |
| maker of a note | whom signs the note and promises to to make a payment |
| interest rate of a note | % of principle that is paid for use of the money |
| maturity date of a note | day note is due |
| promissory note | written and signed promise to pay a sum of $ at a specified time |
| creditor | to whom the liability is owed |
| notes payable | promissory notes signed by a business and given to the creditor |
| interest | amount paid for $ usage for a period of time |
| maturity value | amount due at maturity date of note |
| current liabilities | liabilities due within short time (usually a year) |
| interest expense | interest accrued on borrowed $ |
| notes receivable | promissory notes accepted by business from customer |
| interest income | interest earned on loaned $ |
| dishonored note | note not paid when due |
Created by:
Tate.cord70
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