A restaurant wishes to open an additional location, and it is able to do so by borrowing money from a creditor.
A financial organization with a claim to repayment, like a bank and credit card company, is referred to as a real creditor. Individual debtors: These are people you owe money to—friends or family. Debtors are included as assets on the balance sheet of the organization, whereas creditors are listed as liabilities.
Secured and unsecured creditors can also be broadly split into two groups. In order to guarantee final repayment of debt owed to him, a lien holder has a protection or charge over a portion or the entire debtor's assets.
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