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15 Cards in this Set

  • Front
  • Back
interest incurred but not yet paid
accrued interest expense
expenses incurred in one fiscal period but not paid until a later fiscal period
accrued expenses
an entry made at the beginning of one fiscal period to reverse and adjusting entry made in the previous fiscal period
reversing entry
revenue earned in one fiscal period but not received until a later fiscal period
accrued revenue
a note that is not paid when due
dishonored note
the interest earned on money loaned
interest income
promissory notes that a business accepts from customers
notes receivable
the interest accrued on money borrowed
interest expense
liabilities due within a short time, usually within a year
current liabilities
the amount that is due on the maturity date of a note
maturity value
an amount paid for the use of money for a period of time
interest
promissory notes signed by a business and given to a creditor
notes payable
a person or organization to whom a liability is owed
creditor
a written and signed promise to pay a sum of money at a specified time
promissory note
the person or business who signs a note and thus promises to make payment
maker of a note