Asked by Margaret Everett on Jun 12, 2024
Verified
Honoring a note receivable indicates that the maker has:
A) Signed.
B) Paid in full.
C) Guaranteed.
D) Notarized.
E) Cosigned.
Honoring a Note
The act of paying off a note payable or bond at its maturity, fulfilling the issuer's obligation.
Note Receivable
A note receivable is a financial asset representing a written promise to receive a specific amount of money, with interest, from another party by a certain date.
- Assess the matured sum of notes receivable and recognize the income derived from interest.
Verified Answer
NR
Natalie RittenhouseJun 12, 2024
Final Answer :
B
Explanation :
Honoring a note receivable means that the maker has paid the note in full, indicating they have fulfilled their obligation to pay the debt.
Learning Objectives
- Assess the matured sum of notes receivable and recognize the income derived from interest.
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