0
Notes payable is same like Accounts Payable a liability of business and it is shown under current liability section of balance sheet.
What else can I help you with?
Do notes payable go on the income sheet?
Notes payable do not appear on the income statement; they are recorded on the balance sheet as liabilities. The income statement reflects revenues and expenses over a specific period, while notes payable represent a company's obligation to pay back borrowed funds. However, the interest expense related to notes payable would be included in the income statement, impacting net income.
Can you pay wages through notes payable?
Normally no, notes payable is something the company owes that affects Owners Equity, wages do not, they effect Retained Earnings. Wages payable and wage expenses are accounts you find on the Income Statement, while Notes Payable is on the Balance Sheet.
Journal entry to record the conversion of an 250 accounts payable to a notes payable?
debit accounts payable 250credit notes payable 250
Discount on Notes Payable is a contra account to Notes Payable on the balance sheet?
true
Where does accounts payable go on a multiple step income statement?
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
Do notes payable go on the income sheet?
Notes payable do not appear on the income statement; they are recorded on the balance sheet as liabilities. The income statement reflects revenues and expenses over a specific period, while notes payable represent a company's obligation to pay back borrowed funds. However, the interest expense related to notes payable would be included in the income statement, impacting net income.
Can you pay wages through notes payable?
Normally no, notes payable is something the company owes that affects Owners Equity, wages do not, they effect Retained Earnings. Wages payable and wage expenses are accounts you find on the Income Statement, while Notes Payable is on the Balance Sheet.
Journal entry to record the conversion of an 250 accounts payable to a notes payable?
debit accounts payable 250credit notes payable 250
What is the Notes payable journal entry?
Debit accounts payableCredit notes payable
Would Accounts payable go under statement of changes in owner's equity in a financial statement?
No. Accounts payable is a liability account, which is used in the balance sheet.
Discount on Notes Payable is a contra account to Notes Payable on the balance sheet?
true
How do you record journal entry to increase notes payable?
debit cashcredit notes payable
Does bonds payable go to balance sheet or income statement?
deductions
What is notes payable?
The phrase notes payable is a result of a purchase made by a business and is a form of receipt.
Where does accounts payable go on a multiple step income statement?
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
When are the notes payable for Big Lots?
fo Big lots have any notes payable for the year 2012.
What is the journal entry to discount notes payable?
debit cashdebit discount chargescredit notes payable account
