Which of the following accounts is likely to have 'notes payable'?

'Notes payable' refers to a written promissory note in which a borrower agrees to pay a specified amount to a lender at a future date. This clearly falls under the category of liabilities in accounting because it represents a legal obligation for the business to pay back the borrowed funds.

In the context of accounts, liabilities are obligations that the company owes to outside parties. Notes payable are typically recorded when a business borrows money, and it is important for financial reporting to accurately reflect this obligation on the balance sheet. Liabilities, such as notes payable, indicate the financial responsibilities a company has beyond its assets.

The other types of accounts mentioned, such as asset accounts, revenue accounts, and income accounts, do not represent obligations to pay and therefore wouldn't have 'notes payable' recorded within them. Assets involve resources owned by the business, revenues represent the income generated from business operations, and income accounts encompass the earnings derived from operational activities. All these accounts differ fundamentally from liability accounts like notes payable, which specifically indicate amounts owed.