(debit) interest income (credit) (debit) interest income (credit)
Mortgage payable is liability for business and like all liabilities it also has credit balance and shown in liability side of balance sheet.
payable is credit
Interest payable is debit.
credit
(debit) interest income (credit) (debit) interest income (credit)
Mortgage payable is liability for business and like all liabilities it also has credit balance and shown in liability side of balance sheet.
payable is credit
Interest payable is debit.
debit
credit
[Debit] Purchases [Credit] Accounts payable
debit
[Debit] Purchases account [Credit] Accounts Payable
account payable account debit to bank account
[Debit] Proposed dividend [Credit] Dividend payable [Debit] Dividend payable [Credit] Cash / bank
Debit Accounts Payable and Credit either the account where the original debit was made or Credit Other Income