How do I add a promissory note to the balance sheet
A business was purchased and according to the Asset Purchase Agreement, none of the liabilities “belong” to the new company. What they have is a promissory note of $425,000 due to third party lenders. You have to set up that new note on the books and as you make the payments (according to the payment schedule/exhibit A of the agreement), you relieve that note.
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