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Provide an example of an account that would be listed under Current Liabilities on a balance sheet and briefly explain why it would be categorized

  1. Provide an example of an account that would be listed under Current Liabilities on a balance sheet and briefly explain why it would be categorized this way.
  2. How would we categorize the balance in a Notes Payable account: under Current Liabilities or Noncurrent Liabilities? Why?

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