A Note is a written promise to pay a definite amount of money on a specific future

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A "Note" is a written promise to pay a definite amount of money on a specific future date. Specific terminology is used to describe various attributes of a note.

Match the following terms to their correct description.

(1) Payee

(2) Principal

(3) Dishonor

(4) Maker

(5) Interest

(6) Maturity

(a) Stated amount of the note

(b) Party to whom payment will be made

(c) Party promising to make payment

(d) Charge imposed on the borrower of funds for the use of money

(e) Date the note will be due

(f) Refusing to pay a note at maturity

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Financial Accounting

ISBN: 9781456352974

1st Edition

Authors: Dr. Larry M. Walther

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Question Posted: Mar 22, 2024 08:01 AM

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A Note is a written promise to pay a definite amount of money on a specific future

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Here are the correct matches for each term 1 Payee b Party to whom payment will be made 2 Principal ...View the full answer

Financial Accounting

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