Interest expense is shown at debit side of income statement because it is an expense for business.
Interest Expense
No, credit card interest cannot be deducted as a business expense.
Accretion
Type y income before income tax plus interest expense, divided by interest expense our answer here...
DR - Interest Expense CR - Interest Payable
Interest expense is neither selling or administrative, and it's too significant to be called a general expense. Interest expense is usually called a finance expense and is usually listed separately from SG&A, on the Income Statement
Interest expense is shown at debit side of income statement because it is an expense for business.
Debit Accrued Interest Expense Credit Accrued Interest Payable
Interest Expense
Issuance of debendutres is not an operating activity that's why interest on debenture is also a non operating expense
An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.
No, credit card interest cannot be deducted as a business expense.
yes
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
When you pay back a loan or mortgage, part of each payment is interest, the rest is principal. For the interest part you would have Interest Expense, for the principal part something like Mortgage Expense.
No.