0
When an employee receives an advance on pay an asset account called employee advances is debited and the cash paid out is credited. When the advance is repaid then the applicable expense accounts are debited and the advance account is credited.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agodebit advance salary
credit cash
Add your answer:
Earn +20 pts
What is the journal entry for Advance Salary paid to ram through Bank?
advance salary a/c dr to cash
What is the journal entery for salary paid advance to mr A?
debit salary paid in advance creidit mr.a a/c
Journal entry for income paid in advance?
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
What is the journal entry for the outstanding salary paid?
debit salary payableCredit cash / bank
Salary paid in advance double entry in accounts?
Advance Salary A/C 1000.00 Dr. Cash A/C 1000.00 Cr. next entry is Salary A/C 1000.00 Dr. Advance Salary 1000.00 Cr.
What is the journal entry for Advance Salary paid to ram through Bank?
advance salary a/c dr to cash
What is the journal entery for salary paid advance to mr A?
debit salary paid in advance creidit mr.a a/c
What is journal entry of paid salary?
debit salary expensecredit cash
What is the journal entry for salary not paid?
[Debit] Salary Expense xxxx [Credit] Salary payable xxxx
What is the journal entry for the outstanding salary paid?
debit salary payableCredit cash / bank
Journal entry for income paid in advance?
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
Salary paid in advance double entry in accounts?
Advance Salary A/C 1000.00 Dr. Cash A/C 1000.00 Cr. next entry is Salary A/C 1000.00 Dr. Advance Salary 1000.00 Cr.
What is the journal entry of salary paid?
debit salary expensecredit cash
What is the journal entry salary paid?
debit salary expensecredit cash
What is the journal entry of salary paid to ram?
debit salary expensecredit cash
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 is the journal entry of rent paid in advance?
Debit prepaid rent and credit cash.
