0
What else can I help you with?
What is the difference between the amount received from issuing a note payable and the amount repaid is referred to as?
Interest.
Promissory Note Due on Demand?
Get StartedThe Due on Demand Promissory Note is a document that specifies the terms, rights, and obligations that apply to a loan. The party making the loan is the "Lender" and the party borrowing the loan funds is the "Borrower." The Note includes provisions regarding the amount of the loan, the interest rate, the date by which the loan must be repaid, and general provisions for enforcing the repayment of the loan.Due on Demand Promissory Note is payable "on demand," meaning it must be paid immediately by the Borrower upon request by the Lender.
Who regulate the interest payable on savings bank accounts?
not regulated by anyone
The rate of interest that is actually incurred on a bond payable is called?
Effective rate.
What is a dishonored note?
Its applicable in all cases, dishonored means not valid or no longer payable.
What is a interest bearing note payable?
Is interest deduct before the note payed out.
1 When a corporation pays a note payable and interest?
Debit notes payable and interest expense
How do you make a journal entry recording an annual interest payment on a note payable?
debit interest expensecredit notes payable
Interest bearing note payable?
current assets
Maturity value of an interest-bearing note payable is the?
Face value plus interest.
What is the interest due on a note payable in one fiscal period but not paid until the next fiscal period called?
The interest due on a note payable in one fiscal period but not paid until the next fiscal period is called "accrued interest." This interest is recognized as a liability on the balance sheet at the end of the fiscal period in which it is incurred, even though the payment occurs later. It reflects the obligation to pay interest that has accumulated but remains unpaid.
What is the journal entry of interest due not paid?
debit interest expensecredit interest payable
What is the difference between the amount received from issuing a note payable and the amount repaid is referred to as?
Interest.
What are the accounting journal entries for payment in kind interest on a note?
debit interest in kindcredit notes payable
What is the journal entry for Interest due but not received?
debit interest receivablecredit interest income
Can short-term notes payable be replace as an account payable?
Generally as a rule this does not happen. Notes Payable refer to a liability that will be paid off in more than a year. An account payable is a liability that will be paid off in less time than that, within one year or less (or accounting period). It is generally easier to take an account payable and convert it into a note payable and really pointless to do the reverse.A note payable involves a promissory note, while an account payable does not. Even if the company chooses to pay off the note payable earlier than expected, there is no real reason to convert it from a note payable to an account payable, if they wish to do this to try and save on interest expense that is pointless as well, if the note is paid off early, then the company will not be charged the full interest anyway.Now to really specify the answer to your "exact" question. A short-term note is an account payable. They are one in the same. A short-term note payable is a payable that is expected to be paid off with in one year or less.
What is the journal entry to record accrued interest income from note receivable?
[Debit] Accrued interest income [Credit] Notes payable
