the concept of a promissory note and all of its elements
chapter content: By the conclusion of this chapter, you should be able to:
- Define the concept of a promissory note and all of its elements.
- Calculate the interest payable or receivable on any given note.
- Calculate the accrued adjusting entries of a note receivable or payable at year-end.
- Calculate the maturity value of all issued notes receivable and payable.
- Recognize the importance of the financing function offered to the business community.