Homework Answers
Ans: An Account Receivable for the maturity value of the note
Explanation:
1) Promissory note is a promise to pay specific amount on specific date.
2) If for some reason it is not collected on due date, it's not negotiable any more.
3) Than it will become account receivable. Generally journal entry for this would be debit to account receivable and credit to promissory note receivable.
4) It would be shown as principal + interest ( because after due date interest is also owed) . hence it is shown at maturity value of the note.
5) It does not become bad debt after the due date passes away so option (3) & (4) both are incorrect.
Only option (2) states the correct thing hence it is a correct choice.
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