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Business, 17.04.2020 02:27 eggyhz1980
Which of the following is not true about the discount on short-term notes payable? The Discount on Notes Payable account has a debit balance. When there is a discount on a note payable, the effective interest rate is higher than the stated discount rate. Discount on Notes Payable is a contra account to Notes Payable. The Discount on Notes Payable account should be reported as an asset on the balance sheet.
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Which of the following is not true about the discount on short-term notes payable? The Discount on N...
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