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What else can I help you with?
Which of Notes Payable Cash Interest Expense and Dividends are decreased with a debit?
Notes Payable - I hope that wasn't for an exam.
1 When a corporation pays a note payable and interest?
Debit notes payable and interest expense
What is the journal entry for accrued interest expense on Notes Payable?
debit interest expense, credit interest payable for the accrued amount
Is notes payable an asset or a liability?
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
Do notes payable go on the income sheet?
Notes payable do not appear on the income statement; they are recorded on the balance sheet as liabilities. The income statement reflects revenues and expenses over a specific period, while notes payable represent a company's obligation to pay back borrowed funds. However, the interest expense related to notes payable would be included in the income statement, impacting net income.
Is notes payable a permanent account?
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
What is meant by expenses payable?
Expense payable is a current liability.
Journal entry to record the conversion of an 250 accounts payable to a notes payable?
debit accounts payable 250credit notes payable 250
What is the Notes payable journal entry?
Debit accounts payableCredit notes payable
Do you debit wage payable or wage expense?
Wage expense
Discount on Notes Payable is a contra account to Notes Payable on the balance sheet?
true
How do you record journal entry to increase notes payable?
debit cashcredit notes payable
