📝Notes receivable are similar to promissory notes and function as a form of credit for companies.
💰The face amount of a note receivable is the principal amount borrowed or loaned.
📆The maturity date is when the maker of the note must pay the ending balance to the payee.
🔢Notes receivable usually earn interest, which is computed based on the annual interest rate.
⏰The term of a note extends from the date it is made until it matures.