Which Statement Is Not True When a Long-Term Note Is

question 92

Multiple Choice

Which statement is not true when a long-term note is issued for cash plus some right or privilege?

• A)The creditor will debit Discount on Notes Receivable at the end of the period.
• B)The debtor will debit Discount on Notes Payable.
• C)The creditor will credit Unearned Revenue.
• D)The debtor will debit Unearned Revenue at the end of the period.

---

Definitions:

QuickBooks

An accounting software program used by businesses for managing sales, expenses, payroll, and inventory.

Issued New

Typically refers to the process of distributing newly created shares, bonds, or other financial instruments by a company.

QuickBooks Online

A cloud-based accounting software designed for small and medium-sized businesses to manage invoices, payroll, and other aspects of their finances online.

QuickBooks Desktop

Accounting software installed on a personal computer or network, offering a wide range of financial management features including invoicing, bill payments, and payroll processing for businesses.