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The short term notes payable

The short term notes payable

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Answer #1

A short-term note payable is a debt created and due within a company’s operating period (less than a year). Some key characteristics of this written promise to pay include an established date for repayment, a specific payable amount, interest terms, and the possibility of debt resale to another party. A short-term note is classified as a current liability because it is wholly honored within a company’s operating period. This payable account would appear on the balance sheet under Current Liabilities.

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