Amounts Owed by a Business to Its Suppliers of Inventory

Multiple Choice

Amounts owed by a business to its suppliers of inventory and debts documented by a promissory obligations are termed, respectively,

A) Accounts Receivable and Notes Receivable
B) Accounts Payable and Notes Payable
C) Accounts Payable and Notes Receivable
D) Notes Receivable and Accounts Receivable
E) Notes Payable and Accounts PayableUse the following information to answer questions 6 - 9:The Niven Law Firm signed a $25,000, 120-day, 10% note payable to Eastlake Bank on October 15, 2010.