The account, Discount on Notes Payable, is a contra-liability account.
Correct Answer:
Verified
Q31: An auxiliary record of notes payable that
Q32: Accrued interest on notes payable is interest
Q33: The stated rate of interest is always
Q34: A debit balance in the discount on
Q35: The information contained in the notes receivable
Q37: If a business needs cash before the
Q38: When commercial banks deduct interest in advance
Q39: In computing interest, it is customary to
Q40: To obtain an extension of time for
Q41: A $7,300, 11.9% note is dated April
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents