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Does interest payable a debit or credit?
Interest payable is debit.
1 When a corporation pays a note payable and interest?
Debit notes payable and interest expense
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
What is the journal entry to record payment of accrued interest?
[Debit] Interest expense xxxx [Credit] Interest payable xxxx [Debit] Interest payable xxxx [Credit] Cash / bank xxxx
What is the normal balance interest payable?
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.
Does interest payable a debit or credit?
Interest payable is debit.
1 When a corporation pays a note payable and interest?
Debit notes payable and interest expense
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
What is the journal entry for accrued interest expense on Notes Payable?
debit interest expense, credit interest payable for the accrued amount
What interest payable?
Interest payable is the interest the company pays on any loans, leases, hire purchases, debentures, etc. throughout the year.
How do you make a journal entry recording an annual interest payment on a note payable?
debit interest expensecredit notes payable
What is debenture interest?
Interest payable or paid to lenders on debentures.
What is the journal entry to record payment of accrued interest?
[Debit] Interest expense xxxx [Credit] Interest payable xxxx [Debit] Interest payable xxxx [Credit] Cash / bank xxxx
What is the normal balance interest payable?
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 due on a note payable?
soes big lot have any notes payable if so when are they due and what interest rate are they paying back.
What is the journal entry of accrued interest?
[debit] Interest expense [credit]interest payable
What is the journal entry for interest on drawings?
Debit interest on drawingsCredit interest payable / cash
