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marysya [2.9K]
2 years ago
10

Failure by a promissory notes maker to pay the amount due at maturity is known as_________.

Business
1 answer:
Andreas93 [3]2 years ago
5 0

Failure by a promissory notes maker to pay the amount due at maturity is known as Dishonoring a note.

A dishonored note is a that  promissory note which has not been paid by a debtor in a given  reasonable amount of time.  It causes the creditor to write off the recorded revenue as a  bad debt.

With the help of promissory note, a buyer  can make a short-term commitment to pay any supplier for merchandise within the stated time period and  also at a certain interest rate.

In order to properly record a dishonored note in the financial journal of the organization one must first decide whether he is  expecting to  collect payment eventually or not.

A bill is  always considered as dishonored either by non-acceptance or by non-payment of the bill.

To know more about dishonored note here:

brainly.com/question/9220878

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