May 11th, 2015
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How would you describe the accounting procedures for notes payable and accounts payable?Notes payable represent obligations to banks or other creditors based on formal written agreements. Notes payable usually require the borrower to pay interest and are frequently issued to meet short-term financing needs. Notes payable are also issued for varying periods of time. A specific interest rate is usually identified in the agreement. Following the matching principle, if interest is owed but has not been paid, it is accrued prior to the preparation of the financial statements. Assume For

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