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What are the accounting journal entries to record payments to employees for salaries?
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∙ 9y ago
Debit salaries expense
Credit cash / bank
Wiki User
∙ 9y ago
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What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
Why are adjusting entries needed at the end of accounting period?
Adjusting Entries are journal entries that are made at the end of the accounting period, to adjust expenses and revenues to the accounting period where they actually occurred. Generally speaking, they are adjustments based on reality, not on a source document. This is in sharp contrast to entries during the accounting period (such as utility bills or fees for services rendered) that depend on source documents.
Why are closing entries required at the end of an accounting period?
The closing entries in an accounting period are important because they will be used as opening entries in the next period. They help people to calculate the balances and accruals of a predetermined period.
What transactions might require reverse entries?
What transactions in accounting might not require reversing entries
Why are adjusting entries needed at the end of an accounting period?
Adjusting Entries are journal entries that are made at the end of the accounting period, to adjust expenses and revenues to the accounting period where they actually occurred. Generally speaking, they are adjustments based on reality, not on a source document. This is in sharp contrast to entries during the accounting period (such as utility bills or fees for services rendered) that depend on source documents.
What entries are made into salaries control account?
In a salaries control account, entries are typically made for total salary expense incurred by the company, payments made to employees, any outstanding salary liabilities, adjustments for bonuses or deductions, and any accruals or prepayments related to salaries. This account helps track and reconcile total salary expenses for the accounting period.
What are the accounting journal entries for guaranteed payments to partners?
Debit:Partners Capital Credit: Accounts Payable
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
Duties and responsibilities of Chief accountant?
To supervise that all accounting entries ,payments and receivables are posted correctly and timely.
Define and distinguish between entries on the books and entries on the workpapers and explain why such an entries on the books and on the workpapers are required in the consolidation process?
what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting?
How do you correct errors in accounting?
To rectify the errors in accounting adjusting entries are made to adjust the amount in any transaction or reversing the original entries etc.
Why are adjusting entries needed at the end of accounting period?
Adjusting Entries are journal entries that are made at the end of the accounting period, to adjust expenses and revenues to the accounting period where they actually occurred. Generally speaking, they are adjustments based on reality, not on a source document. This is in sharp contrast to entries during the accounting period (such as utility bills or fees for services rendered) that depend on source documents.
Why are closing entries required at the end of an accounting period?
The closing entries in an accounting period are important because they will be used as opening entries in the next period. They help people to calculate the balances and accruals of a predetermined period.
What transactions might not require reversing entries?
What transactions in accounting might not require reversing entries
What transactions might require reverse entries?
What transactions in accounting might not require reversing entries
What is adjustment entries?
Adjusting entries are journal entries which are normally made to allocate income or expenditure to the accounting period in which they actually occured.
Why are adjusting entries needed at the end of an accounting period?
Adjusting Entries are journal entries that are made at the end of the accounting period, to adjust expenses and revenues to the accounting period where they actually occurred. Generally speaking, they are adjustments based on reality, not on a source document. This is in sharp contrast to entries during the accounting period (such as utility bills or fees for services rendered) that depend on source documents.
