notes payable definition
The amount of principal due on a formal written promise to pay. Loans from banks are included in this account.
The amount of principal due on a formal written promise to pay. Loans from banks are included in this account.
Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. Read more about the author.