A note payable is a financial document considered a liability that represents that it records that the company that signs it has the obligation to pay on the specific date.
What is a note payable?
It is a document that commits its issuer (the company) to pay a certain amount, within a specific period.
Its characteristic is the exchange action, which refers to the document being returned to the subscriber in exchange for payment.
Therefore, we can conclude that a note payable is a financial document considered a liability that represents that it records that the company that signs it has the obligation to pay on the specific date.
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