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Discount on Notes Payable Is a Contra Account to Notes

question 32

True/False

Discount on Notes Payable is a contra account to Notes Payable on the balance sheet.


Definitions:

Cephalic

Relating to, or located on or near the head.

Dorsal

Pertaining to the back or posterior of an organism, opposite of ventral.

Caudal

Pertaining to or located near the tail or the posterior part of the body.

Ventral

Pertaining to the front or anterior of the body; opposite of dorsal.

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