Explain why records must be kept of the due dates of all notes payable?
Explain why records must be kept of the due dates of all notes payable?
Homework Answers
The records must be kept of all the due dates of all notes payable because:
#1 So that the day on which the payment is due is known.
#2 to eliminate the possibility of late payments and suffering of
additional interest.
#3 to properly calculate Interest expense and interest payables (if
any)
#4 to have funds on respective dates so that there wont be a case
of 'dishonour' of notes.
Add Answer to:
Explain why records must be kept of the due dates of all notes
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