Question: What type of account isDiscount on Notes Payable?

What type of account is Discount on Notes Payable?

Step by Step Solution

★★★★★

3.33 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Discount on Notes Payable is a contraliability account that is subtra... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

264-B-A-L (3185).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

What type of account is Discount on Bonds?

Q:

What type of account is Discount on Bonds Payable, and what is its normal balance? a. Adjusting account; Credit b. Reversing account; Debit c. Contra liability account; Debit d. Contra liability...

Q:

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

Q:

Please help me balance my post closing balance!!!!! I don't know where I made my errors. Accounting Cycle Project Solid Footing 9e Project is Activated Save>SAVING your project following these...

Q:

Can someone review my excel file and tell me where I'm going wrong? I've attached the additional info from the textbook. I thought everything was fine until I got to my Balance Sheet. Please help!...

Q:

5 - UA P 88 Clipboard IS Font Alignment Nu Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2021 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from...

Q:

I can't get my Post Trial Balance to equal out at the end, could someone help me find the error? Accounting Cycle Project Solid Footing 9e Project is Activated Save>SAVING your project following...

Q:

Can someone help me with the answers to this Solid Footing 9e Accounting Cycle project? Accounting Cycle Project Solid Footing 9e Project is Activated Save>SAVING your project following these...

Q:

I need F and G completed in excel document with formulas SHORT ANSWER QUESTIONS, EXERCISES, AND PROBLEMS Questions: In view of the difficulty in estimating future events, would you recommend that...

Q:

I need F and G completed in excel document with formulas SHORT ANSWER QUESTIONS, EXERCISES, AND PROBLEMS Questions: In view of the difficulty in estimating future events, would you recommend that...

Q:

In April of 2007, Marielle bought 1200 shares of Yakamura Trading Co. on the Tokyo Stock Exchange at a price of 1150 per share. The exchange rate at the time was 105.04 per C$. She sold the stock for...

Q:

Keong is considering an investment in Leongs Bar & Grille Corporation. Keong is planning to buy the stock today, hold it for 2 years, and then expects to sell the stock for $30 at the end of 2...

Q:

What would you do if you were in Cecelias place?

Q:

All of the following are complementary goods except a. Margarine and butter. b. Cameras and rolls of film. c. VCRs and video cassettes. d. Razors and razor blades.

Q:

Milea Inc. experienced the following events in 2018, its first year of operations: 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $56,000. 3. Paid the...

Q:

Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date....

Q:

The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, 2018, before the closing Entries...

Q:

Distinguish between operating leases and financial leases. Would you be more likely to find an operating lease employed for a fleet of trucks or for a manufacturing plant

Q:

If the process of coming back to present value (PV) from future cash flows is called discounting, then the process of going to future value (FV) from present value (PV) is called compounding....

Q:

A 4 - bit ALU can perform how many different arithmetic and logic operations?