Get expert advice and insights on any topic with IDNLearn.com. Get the information you need quickly and accurately with our reliable and thorough Q&A platform.
Sagot :
Failure by a promissory notes maker to pay the amount due at maturity is known as Dishonoring a note.
A dishonored note is a that promissory note which has not been paid by a debtor in a given reasonable amount of time. It causes the creditor to write off the recorded revenue as a bad debt.
With the help of promissory note, a buyer can make a short-term commitment to pay any supplier for merchandise within the stated time period and also at a certain interest rate.
In order to properly record a dishonored note in the financial journal of the organization one must first decide whether he is expecting to collect payment eventually or not.
A bill is always considered as dishonored either by non-acceptance or by non-payment of the bill.
To know more about dishonored note here:
https://brainly.com/question/9220878
#SPJ4
Thank you for using this platform to share and learn. Don't hesitate to keep asking and answering. We value every contribution you make. IDNLearn.com is your go-to source for accurate answers. Thanks for stopping by, and come back for more helpful information.
