A note receivable due within the next 12 months is listed on the balance sheet under the caption current asset.
Option A. current asset.
For accounting purposes, the payee records the bill receivable as an asset on the balance sheet and the related interest income on the income statement. The portion of the bill receivable that is repaid within one year is classified as current assets and the remainder is classified as non-current assets.
Bills receivable are balance sheet accounts and are usually found in the current assets section if they have a maturity of less than one year. Specifically, a dunning letter is a written promise to receive money at a later date. Money usually consists of interest and principal.
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