Notes Receivable Explained - Accounting for Promissory Notes скачать в хорошем качестве

Notes Receivable Explained - Accounting for Promissory Notes

This video details what a note receivable is on the balance sheet and how it impacts the income statement. Watch this Video Next ➡️    • Balance Sheet Accounting - Understand the ...   📌Supporting Details ✅ What is a promissory note? A promissory note is a legal financial document in which one party (the issuer or maker) promises in writing to pay a specific sum of money to another party (the payee) either on demand or at a future specified date. It is essentially a formal, written promise to pay a debt. ✅ Notes Receivable A note receivable is a financial asset that represents a written promise from a debtor to pay a specified amount of money to the creditor at a future date. In accounting, notes receivable are classified as current assets if they are due within one year or as non-current assets if they are due after more than one year. They are recorded on the balance sheet at their face value, which may be adjusted for any uncollectible amounts or discounts. 👉Watch more Intermediate Accounting Videos ➡️    • Intermediate Accounting ➡️ Beyond Accounti...   👉Take some Accounting and Finance Quizzes ➡️    • Accounting and Finance Quizzes   📢 Subscribe for more business & tax insights! 🚀 ================================== I post daily accounting and finance quizzes    / @patrickbraycpa   ================================== #balancesheet #financialreporting #accounting #gaap #patrickbraycpa Disclosure Disclaimer: The information in this video is provided for general education purposes only and may not reflect changes in federal or state laws. This video is not intended to provide advice. Please consult with a professional advisor about your facts and circumstances.