E8-13 Common receivables terms

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E8-13 Common receivables terms [10–15 min]

TERMS:
1. Account receivable
2. Promissory note
3. Borrower
4. Note receivable
5. Maturity date
6. Creditor

DEFINITIONS:
A. Transaction results in a liability for this party
B. Transaction results in a receivable for this party
C. The debtor promises to pay the creditor a definite sum at a future date usually with
interest
D. Amounts to be collected from customers from sales made on credit
E. Serves as evidence of the indebtedness and includes the terms of the debt
F. The date a note is due to be paid in full

Requirement
1. Match the terms with their correct definition.