Question: 6. Discount on Note Payable should be classified as a a. current asset b. contra account to Notes Payable c. part of stockholders' equity d.

6. Discount on Note Payable should be classified as a
a. current asset
b. contra account to Notes Payable
c. part of stockholders' equity
d. deferred debit
10. Theoretically, unearned items (deferred revenues) should not be classified as
a. deferred credits
b. contra to certain assets
c. long-term liabilities
d. current liabilities

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