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.
show more Situation: a company estimated bad debt expense (debit) and allowance for bad debts (credit) as $1,000 in 2010. There were no new receivables in 2011 and based consistent estimate procedures, allowance for bad debts needs to be debited $400. Should bad debt expense be credited, which would leave a credit balance in...