Question: 1. Statement 1: Discount on Notes Payable is a contra account to Notes Payable on the statement of financial position Statement 2: A zero-interest-bearing note

1. Statement 1: Discount on Notes Payable is a contra account to Notes Payable on the statement of financial position Statement 2: A zero-interest-bearing note payable that is issued at a discount will not result in any interest expense being recognized

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