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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.
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What is the closing journal entry of the wages?
debit wages payablecredit cash
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
What happen when wages payable is decreased?
Wages Payable is a liability account that records wages that a company owes but has not yet paid. A decrease in this account more than likely signifies payment of those wages.About the only other "decrease" which is generally a rarity, is if the account was increased accident by an amount that the company did not owe and there was an adjusting entry made to record that error.
What is the journal entry for wages paid for installtion of machine?
debit installation chargescredit bank
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.
What is the journal entry for outstanding wages?
debit wages expensescredit wages payable
What is the closing journal entry of the wages?
debit wages payablecredit cash
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
What is Journal entry for record of wages?
[debit] wages expensescredit cash / bank
What is Journal entry record of wages?
Debit wages expensesCredit cash / bank
What happen when wages payable is decreased?
Wages Payable is a liability account that records wages that a company owes but has not yet paid. A decrease in this account more than likely signifies payment of those wages.About the only other "decrease" which is generally a rarity, is if the account was increased accident by an amount that the company did not owe and there was an adjusting entry made to record that error.
What is the journal entry for trading stock given as part of wages?
debit wages expensecredit shares in share capital
What is journal entry for Paid wages?
Db wage expense Cr cash
What is the journal entry of a repayment of a loan 2000 debited in error to wages account?
Debit Loan account 2000 Credit Wages account2000
What is the journal entry for wages paid for installtion of machine?
debit installation chargescredit bank
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.
What is the journal entry when Anna paid her receptionist 1000 in wages for the period January 16 through January 27?
[Debit] wages Expenses 1000 [Credit] Cash 1000
