Case and MC Questions

Part 1: Refer to the attachment for a case question. Part 2: Refer to the attachment for a MC questions and answer it. Case and MC Questions Part I case & Part II: Multiple Choice Questions

Part 1: Refer to the attachment for a case question. Part 2: Refer to the attachment for a MC questions and answer it.

Part 1: Refer to the attachment for a case question. Part 2: Refer to the attachment for a MC questions and answer it. Part II: Multiple Choice Questions 1. The account Discount on Notes Payable is: a. a contingent liability. b. an asset because it has a debit balance. c. a contra liability. d. amortized to reduce interest expense over the life of a note. 2. On July 1, Tau, Inc., purchased a machine for $12,000 and issued in payment a one-year note payable for $13,200. On August 31, the ...