When a note receivable is honored, cash is debited for the note's value?

When a note receivable is honored, cash is debited for the note's maturity value. The maturity value is the amount of money a company would receive when the note is due. The note is the amount of money that needs to be paid by the due date set. If the note is not paid by the time it is due, extra interest is added on to it as well.

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