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For general purposes, accrued interest payable is generally a current liability, however that depends on one major factor. When will the liability be paid? Any liability that a company can reasonably expect to pay off in 12 months (or less) or one accounting period is a "current liability" any liability that will be paid off at a longer time is a "long term liability"
So if the accrued interest will be paid in 12 months or less, then it is a current liability.
What else can I help you with?
Is interest payable a current asset?
No it is a current liability
Is interest payable a long term liability or current liability?
A payable (such as interest payable) can be either a long term or current liability, to find out which consider the definitions of each. Current liability is any liability that will be fully paid within one year (or less) or one accounting period. Long term liability is any liability that will take more than one year or accounting period to be fully paid. For the most part, interest payable is current, as it usually is required to be paid quickly, however, that is not always the case.
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
Does interest payable go on a balance sheet?
Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.
Is salaries payable a current liability?
Yes, salaries payable is a current liability.
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
Is interest payable a current asset?
No it is a current liability
Is interest payable a long term liability or current liability?
A payable (such as interest payable) can be either a long term or current liability, to find out which consider the definitions of each. Current liability is any liability that will be fully paid within one year (or less) or one accounting period. Long term liability is any liability that will take more than one year or accounting period to be fully paid. For the most part, interest payable is current, as it usually is required to be paid quickly, however, that is not always the case.
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
What is the journal entry for accrued interest expense on Notes Payable?
debit interest expense, credit interest payable for the accrued amount
Does interest payable go on a balance sheet?
Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.
Where did loan interest payable go in the income statement?
Loan interest payable is not shown in income statement rather it is shown in liability side of balance sheet in current liability section.
Is salaries payable a current liability?
Yes, salaries payable is a current liability.
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
Is interest payable a asset or liability?
liability
What is the journal entry of accrued interest?
[debit] Interest expense [credit]interest payable
This is a liability for which the business knows the amount owed but the bill has not been paid.?
This type of liability is known as an "accrued liability" or "accrued expense." It represents an obligation that the business has incurred for goods or services received, but for which payment has not yet been made. Common examples include wages payable and interest payable. These liabilities are recorded on the balance sheet to reflect the company's financial position accurately.
