Discount on Notes Payable
Discount on Notes Payable is the amount of interest deducted in advance by the lender. This account reduces Notes Payable.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Discount on Notes Payable. The amount of interest deducted in advance by the lender. This account reduces Notes Payable.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
