Which of the following is not true about the discount on short-term notes payable? O a. The Discount on Notes Payable account should be reported as an asset on the balance sheet O b. When there is a discount on a note payable, the effective interest rate is higher than the stated discount rate Oc The Discount on Notes Payable account has a debit balance Od Discount on Notes Payable is a contra account to Notes Payable