How Notes Payable Works in 5 Minutes (Quick!)
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How does Notes Payable work in Accounting? In today’s video, we cover Notes Payable. In this video, I break down this concept with a real-world example and we go through concepts like liabilities, interest, principal, terms, interest rate formula, time, and more. Check it out!
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⏱️TIMESTAMPS
0:00 Intro
0:40 What is Notes Payable?
1:13 Short Term vs. Long Term Notes Payable
1:41 Notes Payable Practice Problem
2:34 August 1 Journal Entry
3:05 Interest Rate Formula
4:05 August 31 Journal Entry
4:23 October 31 Journal Entry
4:39 Outro
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