What is mortgage payable on a balance sheet?
A few examples of general ledger liability accounts include Accounts Payable, Short-term Loans Payable, Accrued Liabilities, Deferred Revenues, Bonds Payable, and many more. Notes payable are written agreements (promissory notes) in which one party agrees to pay the other party a certain amount of cash. Alternatively put, a note payable is a loan between two parties. © The reason why…