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LSDefine

Simple English definitions for legal terms

note receivable

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A quick definition of note receivable:

A note receivable is a type of account that shows how much money someone owes you. It's like when you lend your friend money and they promise to pay you back later. The promise they make is called a note, and the amount they owe you is the note receivable. It's important to keep track of note receivables so you know who owes you money and when they need to pay you back.

A more thorough explanation:

Definition: A note receivable is an account reflecting a balance owed by a debtor; a debt owed by a customer to an enterprise for goods or services.

Example: A company sells goods to a customer on credit and creates a note receivable for the amount owed. The customer is expected to pay the debt at a later date, usually with interest.

Explanation: The example illustrates how a note receivable is created when a customer purchases goods or services on credit. The company expects to receive payment at a later date and records the debt as a note receivable. The customer is obligated to pay the debt, and the company can use the note receivable as collateral for a loan or sell it to a third party for cash.

note payable | no-term lease

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General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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