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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?

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Answer #1

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.

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