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.
Interest Payable. Assume that interest is paid on the loan each quarter. The company will accrue interest expense each month in the amount of $133, the annual interest calculated in step 3 divided by 12 months. The entry to accrue monthly interest will be made each month as follows: Debit Interest Expense 133 Credit Interest Payable 133.