Principles of Accounting Notes Chapter 10 Stan Deal

C usually require the borrower to pay interest and

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Unformatted text preview: e 1. Obligations in the form of written notes are recorded as notes payable. a. Notes payable b. Are often used instead of accounts payable because they give the lender written documentation of the obligation in case legal remedies are needed to collect the debt. c. Usually require the borrower to pay interest and frequently are issued to meet short- term financing needs. d. Are issued for varying periods of time e. Notes...
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This document was uploaded on 03/16/2014 for the course ACCT 121 at Azusa Pacific.

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