Asked by
Amanda Stahl
on Oct 15, 2024
Verified
A company can replace an overdue account payable with a note payable.
Overdue Account Payable
An obligation owed by a company to a supplier for which payment has not been made within the agreed upon timeframe.
Note Payable
A written promise to pay a certain amount of money, often bearing interest, by a specified date to the holder of the note.
- Understand the connection between liabilities and business activities, along with the resolution of obligations.
Verified Answer
MM
Learning Objectives
- Understand the connection between liabilities and business activities, along with the resolution of obligations.