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Debit Salaries Expense, Credit Salaries Payable.
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∙ 13y ago
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Is accrued salaries payable a liability account?
Yes, accrued salaries are those amount which is due but not yet paid and payment is deferred for future time.
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
Does accrued salaries have a debit or credit balance?
Credit; liability accounts are always credit
WHAT is the journal entry to record yearly accrued insurance exp?
debit accrued insurance expensecredit insurance payable
Record expenses that have incurred but not paid for yet?
Accrued Expenses
Is accrued salaries payable a liability account?
Yes, accrued salaries are those amount which is due but not yet paid and payment is deferred for future time.
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
Does accrued salaries have a debit or credit balance?
Credit; liability accounts are always credit
What happens if an accrued liability for salaries is not recorded?
If an accrued liability is not recorded, then it is not a liability on the balance sheet. Not sure if the employee's could sue - that's a legal question - but if it was paid at a later date then it would be an expense at the time the liability was paid. If you mean to ask - what happens if an accrued liability for salaries is not paid, or is not timely paid - then the IRS can deny the deduction.
WHAT is the journal entry to record yearly accrued insurance exp?
debit accrued insurance expensecredit insurance payable
What is accrued payroll?
Accrued payroll is a payroll which are due but not yet paid for example in a company mostly salaries for previous month are paid on first of every month so on last day of the month salaries became due to pay and those payroll is called accrued payroll, it means benefit of which has already taken but actual cash is not yet paid and it is reverse of advance or prepaid expenses.
Record expenses that have incurred but not paid for yet?
Accrued Expenses
Is salary expense liability?
Salary expense is not a liability - it is an expense; however, if salaries are accrued between periods, there will likely be a liability account named "Accrued Salaries" or "Salary Due."Associated with salaries; however, are various taxes. Those taxes are not necessarily submitted to government entities at the same time as the salary is paid to employees. There will likely be liability account(s) associated with those taxes.
What is the journal entry to record accrued interest income from note receivable?
[Debit] Accrued interest income [Credit] Notes payable
What would the journal entry be to record an accured revene?
[Debit] Revenue receivable [Credit] Accrued revenue
What are the accounting journal entries to record payments to employees for salaries?
Debit salaries expenseCredit cash / bank
What is the journal entry to record an accrued commission?
debit commission receivablecredit commission income
