The account that has a balance whereby the credits normally exceed the debts is Interest Payable.
- Interest Payable is a current liability account.
- Interest Payable arises from a situation whereby an interest expense that is supposed to be paid in the period remains unpaid at the end of the period.
According to the accrual concept of US. Generally Accepted Accounting Principles, such an accrued expense must be recognized in the financial statements for the period the service is consumed in order to match the expense to the income it generates.
Thus, the correct accounts are not the Salaries, Land, and Prepaid Rent accounts but the Interest Payable account.
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