Notes Payable

The company ABC receives the money on the signing date and as agreed in the note, it is required to back both principal and interest at the end of the note maturity. On July 1, 2021, we issue a 6-month promissory note to one of our suppliers in exchange for the...

Chart of Accounts Detailed Guide

The COA is typically set up to display information in the order that it appears in financial statements. That means that balance sheet accounts are listed first and are followed by accounts in the income statement. Unlike balance sheet accounts, income...