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13 June, 05:18

When referring to a note receivable or promissory note Group of answer choices the note may be used to settle an account receivable the note is not considered a formal credit instrument the maker is the party to whom the money is due the note cannot be factored to another party

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  1. 13 June, 05:28
    The answer is

    The note may be used to settle an accounts receivable


    A promissory note (sometimes called notes payable) is a financial instrument that contains a written promise by one party (the note's issuer) to pay another party (the note's payee) a precise sum of cash, either at a hard and fast or determinable future time or on demand of the payee, under specific terms.

    Note receivable may be a written promise to receive money at a future date.

    Therefore, promissory note and note receivable can offset each other.

    In the light of the above, option A is that the only correct answer
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