The Discount on Bonds Payable account is: Multiple Choice O O O O O An expense. A liability. A contra expense. A contra equity. A contra liability.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 5MCQ: The premium on bonds payable account is shown on the balance sheet as A contra asset. A reduction of...
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The Discount on Bonds Payable account is:
Multiple Choice
An expense.
A liability.
A contra expense.
A contra equity.
A contra liability.
Transcribed Image Text:The Discount on Bonds Payable account is: Multiple Choice An expense. A liability. A contra expense. A contra equity. A contra liability.
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