NOTES RECEIVABLE DISCOUNTED
\nˈɒts ɹɪsˈiːvəbə͡l dɪskˈa͡ʊntɪd], \nˈɒts ɹɪsˈiːvəbəl dɪskˈaʊntɪd], \n_ˈɒ_t_s ɹ_ɪ_s_ˈiː_v_ə_b_əl d_ɪ_s_k_ˈaʊ_n_t_ɪ_d]\
Definitions of NOTES RECEIVABLE DISCOUNTED
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A record of the notesreceivable that have been discounted that is shown as a contra account. It is also used to make a disclosure on the liability that arises if the owner of writer of a note defaults on payments, which transfers the liability payment to the firm.
By Henry Campbell Black
Word of the day
- Done (as bowling) with the arm not raised above elbow, that is, swung far out from body; underhand. Cf. Over-and Round-Arm.
- notes payable
- notes receivable
- NOTES RECEIVABLE DISCOUNTED
- notes to the financial statements