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Notes payable is a liability for business payable in future time so like all liabilities which has credit balance, notes payable also has credit balance and shown under current liability section of balance sheet.
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∙ 9y ago
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What is the journal entry for issued a note payable?
debit accounts payablecredit notes payable
To increase note payable is debit or credit?
Notes payable has credit balance as normal balance so credit will increase the notes payable balance.
Is payable debit or credit?
payable is credit
Does interest payable a debit or credit?
Interest payable is debit.
Is mortgage payable is credit or debit?
credit
What is entry for new note payable?
[Debit] Goods purchased [Credit] notes payable / accounts payable
What is the journal entry for issued a note payable?
debit accounts payablecredit notes payable
To increase note payable is debit or credit?
Notes payable has credit balance as normal balance so credit will increase the notes payable balance.
Is payable debit or credit?
payable is credit
Does interest payable a debit or credit?
Interest payable is debit.
Is mortgage payable is credit or debit?
credit
What is the journal entry for borrow from bank and signed note payable in return?
Entry 1 [Debit] Cash xxxx [Credit] Bank xxxx Entry 2 [Debit] Bank xxxx [Credit] Notes payable xxxx
A decrease to accounts payable is a debit or credit?
debit
What is the journl entry for puchasing goods on account?
[Debit] Purchases [Credit] Accounts payable
Is a decrease in interest payable a credit or debit?
credit
If you debit owners drawing what do you credit?
The answer depends on how the owner withdrew the funds. If it was cash you credit Cash. If he took out a note, you credit Notes Payable...etc.
Is Accounts Payable a debit or credit on the trial balance?
debit
