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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

What kind of account is Discount on Notes Payable, and how is it reported on the balance sheet?

To determine

State which type of account is discount on notes payable and explain the manner in which it is reported on the balance sheet.

Explanation

Bank discount-Note payable:

Bank discount is the amount of interest subtracted by bank in advance from the principal amount of the note...

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