Asked by Camille Esselin on May 07, 2024

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Both Accounts Receivable and Notes Receivable represent claims that are expected to be collected in cash.

Accounts Receivable

Money owed by customers to a company for goods or services provided on credit.

Notes Receivable

A customer’s written promise to pay an amount and possibly interest at an agreed-upon rate.

  • Contrast trade receivables with nontrade receivables.
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Shaun SimmonsMay 14, 2024
Final Answer :
True
Explanation :
Both Accounts Receivable and Notes Receivable are assets on a company's balance sheet that represent money owed to the company by customers or other entities. These claims are expected to be collected in cash, either through the collection of accounts receivable balances or the repayment of notes receivable.