A note receivable is a written promise by the maker to the payee to pay a specified amount of money at a definite time. True False

Question

Alia Gallegos

Business

28 October, 06:40

A note receivable is a written promise by the maker to the payee to pay a specified amount of money at a definite time. True False

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Answers (1)

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Felix Steele · Answer 1

True

Explanation:

A Note receivable is a type of current asset that is expected to be received within a year. It is a promise to pay in a written form by the debtor to pay a specified sum of money to the creditor within a specified period of time usually a year. In a nutshell it is the written promise that specifies that money will be received at a later date.