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Interest payable is liability to be cleared in future that's why shown in liability side of balance sheet.

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11y ago

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How is Interest Expense with a credit balance classified in the financial statements?

An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.


Is a decrease in accounts payable recorded as a debit or credit on the financial statements?

A decrease in accounts payable is recorded as a debit on the financial statements.


Can you provide examples of assets and liabilities in a company's financial statements?

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Is accrued expense a financial liability?

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