6 thoughts on “Promissory Notes: Notes Payable and Receivable”

  1. A simple question. If client extends a three-year grant payable in 1/3 annual payments, is entire amount current expense? If total is posted to Grants Payable, what is the debit?

  2. How would the bank account for the $8.26 “discount received” on the purchase of the note receivable? I understand you would debit an asset (receivable) account and credit cash, but should anything more happen with the $8.26 discount?

  3. Hi. I would like to ask if what element is this, if I got this as an ex. “Received a promissory note from a customer,4000”. So what would be the Dr. and Cr. and in my part? I’m just new in this so hopefully you can help me. Ty

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