Interest payable is the interest the company pays on any loans, leases, hire purchases, debentures, etc. throughout the year.
Interest payable is debit.
Debit notes payable and interest expense
Interest payable is liability account and have a credit balance as a normal balance.
[Debit] Interest expense xxxx [Credit] Interest payable xxxx [Debit] Interest payable xxxx [Credit] Cash / bank xxxx
The normal balance of interest payable is a credit balance. This account represents the amount of interest that a company owes but has not yet paid, making it a liability on the balance sheet. When interest expense is incurred, it increases the interest payable account, reflecting the obligation to pay that amount in the future.
Interest payable is debit.
Debit notes payable and interest expense
Interest payable is liability account and have a credit balance as a normal balance.
debit interest expense, credit interest payable for the accrued amount
Interest payable is the interest the company pays on any loans, leases, hire purchases, debentures, etc. throughout the year.
debit interest expensecredit notes payable
Interest payable or paid to lenders on debentures.
[Debit] Interest expense xxxx [Credit] Interest payable xxxx [Debit] Interest payable xxxx [Credit] Cash / bank xxxx
soes big lot have any notes payable if so when are they due and what interest rate are they paying back.
[debit] Interest expense [credit]interest payable
Debit interest on drawingsCredit interest payable / cash
debit interest expensecredit interest payable