The maturity date of a debt security is the date and time by which interest and principal must be repaid in full. A bill of exchange or promissory note is a written promise to pay a specified amount at a future date.
A bill payable is considered a written promise to repay a loan and usually contains the specific terms of the contract such as B. Amounts to be repaid, each due date, the interest rate included in the contract, and the amount of interest required to be repaid.
When you repay a loan record the bill of exchange as a debit journal when you credit the cash account. This is recorded as a liability on the balance sheet. However, even after payment, the interest rate must be determined and the amount posted to the interest expense and interest expense accounts.
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