S RECEIVABLE vs NOTES PAYABLE To the payee (Seller/Merchant/Receiver), the promissory note is a note receivable. To the maker (Buyer/Customer/Payer), the promissory note is a note payable. $1,000 2 months after date L Date Due Amount to the order of One Thousand and no/100 Wilma Company ILLUSTRATION Promissory note for value received with annual interest at 8% Payee Amount Chicago, Illinois May 1, 2017 We promise to pay Interest Rate Maker Date of Note dollars Brent Company Treasurer Phylis Miller LO 3