What type of account isDiscount on Notes Payable?

Question:

What type of account is Discount on Notes Payable?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental financial accounting concepts

ISBN: 978-0078025365

8th edition

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

See More Books

Question Posted: Jan 09, 2014 09:30 AM

See More Questions

What type of account is Discount on Bonds?
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...
What kind of account is Discount on Notes Payable, and how is it reported on the balance sheet?
Compute the least-squares regression line for predicting power (y) from wind speed (x).
A backpacking party carries three emergency signal flares, each of which lights with a probability of .98. Assuming that the flares operate independently, find: (a) The probability that at least one...
Georgia Corporation incorporated on September 2, current year. The company engaged in the following transactions during its first month of operations. Sept. 2 Issued capital stock in exchange for...
Finally, discuss for which types of products the bookstore would do a straight rebuy and for which it would pursue a modified rebuy.
Malcolm Poole is unhappy. He recently won his claim against a corporation for breach of contract, and the court awarded him damages of nearly $400 000. The company paid the damages almost...
Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. acc111 30013 Hannah...
Last month, corporations supplied $250 billion in one-year discount bonds to investors at an average market rate of 11.8%. This month, an additional $25 billion in one-year discount bonds became...
How does the amortization of a discount affect the income statement, balance sheet, and statement of cash flows?
What is the difference between an interest-bearing note and a discount note?
At what rate is heat removed from the furnace? Assuming that all of the heat removed from the furnace is used to generate steam (i.e., none is lost to the surroundings), estimate the rate of steam...
United States Historyassassination of Martin Luther King, Jr.
United States History-Burr-Hamilton duel duel, Weehawken, New Jersey, United States [1804]
United States HistoryBattle of Gettysburg American Civil War [1863] When and where was the Battle of Gettysburg fought?
United States History - United States presidential election of 1968 United States government
Salem witch trials American history What caused the Salem witch trials? How many people were killed during the Salem witch trials?
The result of using the effective interest rate method of amortization of the discount on bonds is that a. a constant interest rate is charged against the debt carrying value. b. the amount of...
(a) Explain why the concentration of dissolved oxygen in freshwater is an important indicator of the quality of the water. (b) How is the solubility of oxygen in water affected by increasing...
How should a board of directors be involved in the executive leadership of an organization?
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...
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....
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...
Read the following and then answer the questions below:September 12: A Brisbane business offers by letter to sell 500 tyres to a New Zealand company. The Brisbane company does not specify a method of...
Fred returns home from work one day to discover his house surrounded by police. His wife is being held hostage and threatened by her captor. Fred pleads with the police to rescue her and offers...
Would like you to revisit one of these. Consideration must be clear and measurable.if you can't measure it then how can you show it has / has not been done?How can you sue someone for breach of...

What type of account isDiscount on Notes Payable?

Question:

Step by Step Answer:

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

Fundamental financial accounting concepts

Students also viewed these Accounting questions