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Outstanding wages are related to the current year but remain unpaid. As they are expenses of the current year, they must be debited and charged from the profit and loss of the current year. The expenses remained unpaid during the current year, so they are liability of the firm.
Homr Mobi
Muneeswaran Thavaman...
Outstanding wages is classified as a personal account and not a nominal account. This account represents the accounts of all those persons to whom wages have not been paid and hence, are outstanding. Therefore, it is termed as "Representative Personal Account" or simply personal account.
Solon Thompson
Wiki User
∙ 7y ago
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Y S Ganesh
Outstanding wages represent the direct & /indirect labour service taken but payment of wages is not made. In book keeping a personal account called outstanding wages account is opened before preparing trial; balance to account for this. The journal entry is
wages account Dr
To Outstanding wages account
outstanding wages account is a personal account. Till the payment is made this account stands as liability in the Balance sheet.
If companies face collection problems from customers , & cannot pay dues to labour properly or postpone payment, this account need to be opened to record out standing amount.Sometimes due to payment policy wherein previous month wages are payed in subsequent month ,in the year end the amount is adjusted to current year as adjustment. This leads to opening this account
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Ryu Hildreth
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Can credit card companies take your car?
Credit card companies can bring you to court if you owe outstanding debts. They could end up garnishing your wages or even take your car if they win the case.
Can a collection agency have the court garnish your wages in NC for debt owed to a banking institiution?
Yes, provided there is an outstanding judgment against you. Without the judgment, neither the agency nor the original creditor has any recourse for garnishment, and will not be able to obtain an order for garnishment.
Can a creditor garnish your federal wages?
becuse was the wages
What are the Forms of wages?
Wages have been classified into three different categories. The categories are living wages, minimum wages, and fair wages. Living wages are often defined as the wages needed in order to provide the necessities in order to live; such as food, clothing, and housing. Minimum wage is determined by the government, and are the lowest wages one can legally earn. Fair wage is the mean between the living wage and the minimum wage.
What is concept of wages?
Wages are a payment for services of labour whether mental or physical,wages includes fees, commission and salaries
What is the meaning of outstanding wages?
wages unpaid or owed
What is the journal entry for outstanding wages?
debit wages expensescredit wages payable
How do you use the word outstanding in a sentence?
The compay didn't pay it's outstanding wages yet.
What is the adjusting entry for wages posted twice?
Outstanding wages are those wages that have been earned in one acctg period but will not be paid until the next. This happens when a payroll period crosses months. Under the accrual basis of... entry is wages expenses are credit and outstanding wages are credit.
What is journal entry of outstanding wages?
Outstanding wages are those wages that have been earned in one acctg period but will not be paid until the next. This happens when a payroll period crosses months. Under the accrual basis of accounting, such wages must be accrued in the period earned regardless that they are paid in a subsequent period.
Can a hospital garnish your wages due to an outstanding balance My insurance paid most of the debt?
No...they do not have the right to garnish wages unless you signed a consent form agreeing to such.
What was the most outstanding social effect of the development of a division of labor system of production was?
Unemployment or decreased wages for skilled craftsmen
Can a collector garnish your wages in Georgia for a car repossession?
Yes, after due process is followed in accordance with the laws of the state.
What will a lender do if someone takes their car overseas and then stops making payments?
The lender will have the right to pursue a civil judgment in court for the outstanding debt. If not paid, wages can be garnished or a warrant for arrest can be issued.
What is journal entry for wages paid to raj?
Outstanding wages are those wages that have been earned in one acctg period but will not be paid until the next. This happens when a payroll period crosses months. Under the accrual basis of...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,...
What are the Examples of outstanding expenses?
Examples of outstanding expenses include unpaid salaries or wages, accrued interest on loans or credit, unpaid rent or utilities, and unpaid taxes. These expenses have been incurred but have not yet been paid for or recorded in the financial statements.
Can credit card companies take your car?
Credit card companies can bring you to court if you owe outstanding debts. They could end up garnishing your wages or even take your car if they win the case.
