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The account credited when a note receivable is discounted with recourse is? a. Liability on discounted notes b. Notes receivable c. Accounts receivable d. Allowance

The account credited when a note receivable is discounted with recourse is?

a. Liability on discounted notes

b. Notes receivable

c. Accounts receivable

d. Allowance for discounted notes

Kindly explain why is that the answer. Thanks

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