Terms Definitions 1. Accounts receivable a. The party to a credit transaction who takes on an obligation/ payable. 2. Other receivables b. The party who receives a receivable and will collect cash in the future. 3. Debtor 4. Notes receivable c. A written promise to pay a specified amount of money at a particular future date. 5. Maturity date 6. Creditor d. The date when the note receivable is due. e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. The right to receive cash in the future from customers for goods sold or for services performed.
Terms Definitions 1. Accounts receivable a. The party to a credit transaction who takes on an obligation/ payable. 2. Other receivables b. The party who receives a receivable and will collect cash in the future. 3. Debtor 4. Notes receivable c. A written promise to pay a specified amount of money at a particular future date. 5. Maturity date 6. Creditor d. The date when the note receivable is due. e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. The right to receive cash in the future from customers for goods sold or for services performed.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12MC: Which of the following accounts are used when a short-term note payable with 5% interest is honored...
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Defining common receivables terms
Match the terms with their correct definition.
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