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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 prepaid expense on the balance sheet or the income statements?
A prepaid expense is an asset listed on the balance sheet.
Is accrued expense a financial liability?
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)
Does paying insurance expense affect balance sheet?
Payment of insurance expense affects the balance sheet as it reduces the cash or bank balance which is part of balance sheet as well.
When is Bad debt expense removed from the balance sheet?
Bad Debt Expense does not appear on the balance sheet. It is only on the income statement. Allowance for Uncollectible Accounts does appear on the balance sheet.
Where does electricity go on the balance sheet?
Electricity is not part of balance sheet rather it is an expense and it is shown in income statement of business as expense.
Is tax a asset or expense and how do I record it in the General journal or balance sheet-?
Tax is an expense, you do not record it in a balance sheet but on the general journal.
What are the three sections of a balance sheet?
the sections of a balance sheet is the expense, revenues, and the sales.
Is depreciation expense listed on a balance sheet?
true
Is prepaid interest on a balance sheet?
Yes. It is an asset and assets are on the balance sheet.
What should rent be classified as on a balance sheet?
Rent is not a balance sheet account, it is an expense, hence an income statement account.
Where does interest go on balance sheet?
Interest is part of income statement and shown in income statement and not part of balance sheet.
