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Yes, accrued salaries are those amount which is due but not yet paid and payment is deferred for future time.
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Is salaries payable an asset or liability or owners equity account?
Salaries payable is liability as it is payable in future time and all liabilities shown in balance sheet at liability side.
Is salaries payable an expense?
Salaries payable is a out standing expenses for time being its show as a liability account.
Is salaries payable a liability?
Salaries payable is liability payable in future time period.
Is salaries payable a current liability?
Yes, salaries payable is a current liability.
How do you record accrued salaries?
Debit Salaries Expense, Credit Salaries Payable.
Is salaries payable an asset or liability or owners equity account?
Salaries payable is liability as it is payable in future time and all liabilities shown in balance sheet at liability side.
Is salaries payable an expense?
Salaries payable is a out standing expenses for time being its show as a liability account.
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is salaries payable a liability?
Salaries payable is liability payable in future time period.
Is salaries payable a current liability?
Yes, salaries payable is a current liability.
How do you record accrued salaries?
Debit Salaries Expense, Credit Salaries Payable.
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
Why salaries payable is a liability?
Salaries payable is liability because it is incurred but not yet paid and payment is deferred till future time .
What is accrued liabilities?
Under accrual method of accounting, goods or services are received today and payment is made in the future. The transaction is recorded in the books when the goods and services are received (i.e. today) while the future payment obligation is treated as a liability (account payable) Example: accrued wages payable, accrued sales tax payable, and accrued rent payable, etc.Hope this helps!
What type of liability is salaries payable?
Current liabilites
On a balance sheet the accounts pauable and salarys payable would fall under the catergory of?
Accounts payable and salaries payable both are part of current liability of balance sheet and shown there at liability side.
How do you treat withholding tax in the books?
Like any other accrued liability/account payable, own account is nice, not entirely nessasary. It is charged as part of payroll expense (which it is).
