On November 1, 2012, Bob's Skateboards Store signed a $12,000, 3-month, 5% note payable to cover a past due account payable. This company uses a calendar year to report financial activity and updates the accounting records monthly.

1. How will the accounts associated with these transactions be reported on the financial statements at December 31, 2012? Please identify the following for each account:

-Type of each account (asset, liability, equity, revenue, expense),

-Financial statement each account will be reported on (Income Statement or Balance Sheet),

-Amount that will be reported,

-Section in which the account will be reported.

Assume the use of a multiple step income statement and a classified balance sheet.