The portion of the following payment that is related to notes payable rises each time an installment note payment is made. This assertion is accurate.
The repayment of long-term debts owed is typically done in installments, also referred to as monthly payments of equal amounts. Each installment include both the interest payment and a portion of the principle. Over the duration of the loan, the principle is repaid annually rather than in full all at once.
If a cash down payment is made, it must be deducted from the face value before the notes are recorded as payables. As a result, you only record the outstanding principal balance. The down payment is placed in the cash account.
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