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An accrued expense such as accrued wages can best be described as an amount?
Wiki User
∙ 10y ago
not paid and currently matched with earnings.
Wiki User
∙ 10y ago
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The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
Is wages expense an operating expense?
yes
What liability account would hold the balance of wages due but not yet paid Wage Expense Prepaid Wages or Wages Payable?
Wages Payable Payable accounts holds amount owned but not yet paid.
Are Accrued wages a current liability?
Accrued liabilities are a current liability if they are due within one year.
Is wages expense credit or debit?
Debit, debit increasing wages
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
When does an accrued expense have to be paid?
An accrued expense is an accounting expense that is recognized in the books but has not yet been paid. It is usually a current expense. An accrued expense is paid when the due date for payment has reached, for example, wages are accounted for in the books before they are paid, but are usually paid either on a monthly or weekly basis depending on the policies of the company.
What is direct labor expense?
Direct labor expense is that amount which is paid to workers who are involved in production of goods in factory and their salary or wages are part of it.
Is wages expense an operating expense?
yes
What liability account would hold the balance of wages due but not yet paid Wage Expense Prepaid Wages or Wages Payable?
Wages Payable Payable accounts holds amount owned but not yet paid.
Are Accrued wages a current liability?
Accrued liabilities are a current liability if they are due within one year.
Is wages due debit or credit?
wages is expense and expense is debit salary is income and income is credit
What is the jounal entry to after-the-fact payroll where all taxes have been paid?
Debit - Payroll (Wages) - for the amount of the total gross wages. Debit - Payroll Tax Expense - for the amount of the EMPLOYER taxes. Credit - Cash
Is wages expense credit or debit?
Debit, debit increasing wages
Is wages current liabilitys or non current liabilitys?
If wages already paid then it is current expense, if wages are payable within current fiscal year then it is current liabilities, if wages are payable in morethan one fiscal year that the amount payable in current fiscal year is current liability and the remaining amount will be treated as long term liability.
Are wage expense considered a current liability?
Generally NO, wages are an expense. The only exception to the rule is if a company has "wages payable" which is wages that they owe but have not yet paid, "wages payable" is a liability until they are paid. Once paid, the account is closed into wage expense and is listed under the asset column of the Trial Balance sheet, until the end of the accounting cycle when expense accounts are closed out for the year end.
Wages belong to which expenses?
Wages Payable, or Payroll Liabilities. Also, classifies as Capital Expense.
