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Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets
All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the very same thing, hence the term "payable".
Though some payable accounts change from being a payable to an expense, they are still liabilities as long as they are "payable", these include:
Interest Payable (liability until paid, then reverts to Interest Expense)
Salary or Wages Payable(liability until paid, then reverts to salary or wage expense)
Payable accounts maintain a "credit" balance, meaning they increase with a Credit and Decrease with a debit.
Now the quick answer:
Payable = Liability
Receivable = Asset
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Are Notes receivable are classified as current liabilities?
Notes Receivable are "not" classified as a liability at all, since they are receivable (meaning the company will receive them) they are classified as Long Term Assets. Accounts Receivable (Current Asset) Notes Receivable (Long Term Asset) Accounts "Payable" (Current Liability) Notes "Payable" (Long Term Liability)
Is interest payable a asset or liability?
liability
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
Is notes payable an asset?
no
Is account payable asset or liability?
accounts payable is a liablity.
Are Notes receivable are classified as current liabilities?
Notes Receivable are "not" classified as a liability at all, since they are receivable (meaning the company will receive them) they are classified as Long Term Assets. Accounts Receivable (Current Asset) Notes Receivable (Long Term Asset) Accounts "Payable" (Current Liability) Notes "Payable" (Long Term Liability)
Is interest payable a asset or liability?
liability
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
Is account payable asset or liability?
accounts payable is a liablity.
Is notes payable an asset?
no
Which normally has a credit balance - accounts receivable or notes payable?
Notes Payable is a liability, so it would normally have a credit balance. Accounts Receivable is an asset which would normally have a debit balance.
Is dividends Payable an asset?
Dividend payable is the amount which is payable by the company to share holders so it is a liability of company and not an asset.
Is interest payable a current asset?
No it is a current liability
What statement does the notes payable go on?
Notes payable is same like accounts payable a liability of business and it is shown under current liability section of balance sheet.
Is salaries payable an asset or liability or owners equity account?
Salaries payable is liability as it is payable in future time and all liabilities shown in balance sheet at liability side.
What kind of account is Note Payable - shareholders?
Notes Payable is a Liability.
Is Notes receivable asset or liability?
It is recorded as an asset.
