The Notes Receivable Discounted Account

question 31

Multiple Choice

The Notes Receivable Discounted account

• A) is shown as a deduction from Notes Receivable on the balance sheet.
• B) has a debit balance.
• C) is used to record the amounts due on dishonored notes.
• D) is used to record the amount of interest deducted by the bank when a note is discounted.

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