Debit notes payable
Credit cash / bank
debit interest expensecredit interest payable
debit telephone expensescredit expenses payable
income tax payable Dr ,Bank Cr.
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
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
debit interest expensecredit interest payable
Salary payable A/c Dr 5000 To Cash Cr 5000
debit telephone expensescredit expenses payable
debit accrued expensescredit expense payable
income tax payable Dr ,Bank Cr.
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
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
[Debit] Commission expense xxxx [Credit] Commission payable xxxx
debit interest expensescredit interest payable
[Debit] Salary Expense xxxx [Credit] Salary payable xxxx
[Debit] Rent Expense[Credit] Rent payableWhen rent paid[Debit] Rent payable[credit] Cash / bank
Parent company journal entry Debit cash | Credit accounts payable - rent Holding company journal entry Debit accounts receivable - rent | Credit cash