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How do you pass journal entry of salary payable?
salary account debtor to salary outstanding account
Account?
Accounts payable is a temporary obligation
Accounts Payable is a temporary or permanent account?
permanent
Is discounts on note payable a temporary account?
Discounts on notes payable is not considered a temporary account; it is classified as a contra liability account. It reflects the reduction of the carrying amount of the note payable, which is a permanent account. Temporary accounts, such as revenues and expenses, are closed at the end of an accounting period, while contra accounts like discounts on notes payable remain on the balance sheet until the associated liability is settled.
Is salary payable a asset or liability?
The key word is "payable". This makes salary payable a liability until it is fully paid. There are two entries for a Salary Payable, the original Journal Entry to record when the payable occurs and the Adjusting Entry to record when the balance is paid. Entry to record: Salary Expense (debit) $$$ Salary Payable (credit) $$$ Entry to pay: Salary Payable (debit) $$$ Cash (credit) $$$ yes
What would be a temporary account A inventory b sales c accounts payable d accounts receivable?
a. inventory
What is the journal entry for salary payable and what when salary is paid to him?
Salary payable A/c Dr 5000 To Cash Cr 5000
What type of account is accounts payable?
Salary Payable, like other payable accounts are liabilities. It's something the company owes, therefor they are "liable" for that amount making it a liability. Once paid it is then an "expense"For example, you have $5,000 in salaries to pay, but you won't pay them until the following month, in accrual accounting we would do two entries for this transaction.Salary Expense (debit) $5,000Salaries Payable (credit) $5,000Because Salary Payable is a liability account it maintains a credit balance and is increased with a credit and decreased with a debit. Once the salaries are paid the adjusting entry would be:Salaries Payable (debit) $5,000Cash (credit) $5,000its nominal account & this Entry is salary a/c
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
What entry of outstanding salary paid?
[Debit] Accrued salary payable [Credit] Cash / bank
What are the procedures account payable?
acoounting payable
What is the debit and credit in made a payment on accounts payable?
account payable account debit to bank account
