Non-Exempt/Overtime-Eligible. 1  Employees in non-exempt jobs are covered by the overtime provisions of the act and must be paid overtime (at one and one-half times the regular rate) for all hours worked over 40 hours per pay period.  Overtime may be worked only with prior approval of the supervisor/ manager.
Answers. Best Answer: Interest payable, actually ANY payable is a liability. Liabilities have credit balances. Your transaction is INCORRECT. It should be as follows: Cash 5000 debit Note Payable 5000 credit At this point NO interest is due, so Interest Payable is NOT involved. As interest accrues, It would be recorded as follows: Interest Expense X debit Interest Payable X credit.
Accounts Receivable is an asset account and is increased with a debit; Service Revenues is increased with a credit. Expenses and Losses are Usually Debited. Expenses normally have their account balances on the debit side (left side). A debit increases the balance in an expense account; a credit decreases the balance. Since expenses are usually increasing, think debit when expenses are incurred. (We credit expenses only to reduce them, adjust them, or to close the expense accounts.) Examples of expense accounts include Salaries Expense, Wages Expense, Rent Expense, Supplies Expense, and Interest Expense.