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notes payable

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

The amount of principal due on a formal written promise to pay. Loans from banks are included in this account.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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