multiple choice please help

The Notes Recelvable Discounted account Multiple Choice Is used to acknowledge the contingent llability associated with a note is a contra asset. All of the choices are correct Is shown as a deduction from Notes Recelvable on the balance sheet. Which of the following statements is correct? Multiple Choice The amount stated on a note is called the face value. A note payable must be payable at a future time that is fixed or that can be determined. A company that issued a 6-month note payable would report its face value on the balance sheet as a long-term llability. To be considered a negotable instrument, a promissory note must specify an interest rate. The Notes Recelvable Discounted account Multiple Choice Is used to record the amount of interest deducted by the bank when a note is discounted. is used to record the amounts due on dishonored notes. is shown as a deduction from Notes Recelvable on the balance sheet. has a deblt balance. Which of the following statements is not correct? Multiple Choice When a note is discounted at a bank, the proceeds are always less than the maturity value of the note. When a note recelvable is discounted, the proceeds are computed by subtracting the discount from the maturity value of the note. When a note recelvable is discounted at a bank, the entry to record the transaction includes a debit to cash. The discount period of a note recelvable falls between the date of issuance and the discount date. The maturity value of a 120-day note for $25,000 that bears interest at 6 percent is (Assume 360 days In a year. Do not round intermediate calculations.) Multiple Choice $25.000 $26,500 $25,500 $25,125