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A Discount on Bonds Payable account is a contra account to Bonds Payable

Accounting

A Discount on Bonds Payable account

    1. is a contra account to Bonds Payable.
    2. will cause interest expense to be less than cash interest payable.
    3. is increased over the life of the bond until it equals the bond's face value.
    1. is an adjunct account to Bonds Payable.

 

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