________ is a current liability and ________ is a current asset on the balance sheet.
A) Accounts Payable; Notes Payable
B) Accounts Receivable; Notes Receivable
C) Notes Payable; Notes Receivable
D) Notes Receivable; Notes Payable

Question

Quizplus · Accepted Answer

Notes Payable is a current liability because it represents a short-term obligation to pay a debt. Notes Receivable is a current asset because it represents a short-term amount owed to the company that is expected to be received in cash.

________ Is a Current Liability and ________ Is a Current

Is a Current Liability and Is a Current