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.
Is Interest on Credit Cards Tax Deductible? The IRS allows you to deduct certain expenses from your total income to arrive at taxable income, which is the portion of your earnings that is subject to tax. Some of these expenses include your payments of interest on a mortgage and for business loans.