A written promissory note from a business promising future payment of a sum of money is called Note Payable.
Written promissory notes are known as notes payable. A borrower receives a certain sum of money from a lender under this arrangement and pledges to pay it back with interest over a defined time frame.
Examples of notes payable include getting a loan from a bank, buying a house, and getting a business automobile. Depending on when the loan is due, notes payable may be referred to as either a short-term obligation or a long-term liability.
Liabilities represent notes payable on a balance sheet. Additionally, if the sums are due within a year, they are categorized as current obligations.
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