Ed O'Connor Associates reported short-termed notes payable as follows:
2012 2011
current liabilities (partial)
short-term n/p $16,700 $15,500
salary payable 3,800 3,200
During 2012 O'Connor paid off both current liabilities that were left over from 2011. During 2012, O'Connor borrowed money on short-term n/p and accrued salary expense during 2012.