The Notes Receivable Discounted account
A) is shown as a deduction from Notes Receivable on the balance sheet.
B) is a contra asset.
C) is used to acknowledge the contingent liability associated with a note.
D) all of these statements.

Question

Quizplus · Accepted Answer

The Notes Receivable Discounted account is a contra asset account that is shown as a deduction from Notes Receivable on the balance sheet and is used to acknowledge the contingent liability associated with a note.

The Notes Receivable Discounted Account