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.
Understanding interest charges when the net cash balance is a credit. An account will be subject to interest charges despite maintaining an overall net long or credit cash balance under the following circumstances: 1. The account maintains a short or debit balance in a given currency. For example, an account maintaining a net cash credit balance equivalent to USD 5,000 comprised of a long USD balance of 8,000 and a short EUR balance equivalent to USD 3,000 would be subject to an interest debit based upon the short EUR balance.