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Notes payable are reported as liabilities on the balance sheet. The portion of the note...

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Accounting

Notes payable are reported as liabilities on the balance sheet. The portion of the note payable that is due within (3 months, one year, or 6 months) is reported as a (contra liability, current liablility, or long-term liability). The remaining portion of the note payable that is not due within that period of time is reported as a(n) (adjustement to retained earnings, long-term liability, or current liability).

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