0
What else can I help you with?
Difference between the salaries and salary-payable?
Salaries expense -can be paid or unpaid while salaries payable is finally pay the salaries...
How do you record accrued salaries?
Debit Salaries Expense, Credit Salaries Payable.
What is the purpose of doing the calculation Beginning salaries and wages payable PLUS Salaries and wages expense MINUS cash payments to employees EQUALS Ending salaries and wages payable?
The main purpose of this calculation is to find the salary and wages payable liability to show in the liability side of the balance sheet.
What is the difference between salaries payable and salaries expense?
Gross earnings are recorded as Salaries Expense. It encompasses the employees net pay and all withholdings (income tax, FICA). If the employee is to be paid at the time the entry is made, you would credit cash for the amount of the net pay. If the employee is to be paid at a later date (probably within the current year or operating cycle), then you would instead credit Salaries Payable. When the employee is finally paid, you would debit salaries payable and then credit cash.
Is salaries payable a liability?
Salaries payable is liability payable in future time period.
Difference between the salaries and salary-payable?
Salaries expense -can be paid or unpaid while salaries payable is finally pay the salaries...
How do you record accrued salaries?
Debit Salaries Expense, Credit Salaries Payable.
How do you pass the journal entries for salary deductions?
[Debit] Salaries Expense [Credit] Salaries payable (balancing amount) [Credit] Deductions
What is the purpose of doing the calculation Beginning salaries and wages payable PLUS Salaries and wages expense MINUS cash payments to employees EQUALS Ending salaries and wages payable?
The main purpose of this calculation is to find the salary and wages payable liability to show in the liability side of the balance sheet.
Which of the following groups contain only accounts that normally have credit balances?
Salaries Expense and Account Payable
What is the difference between salaries payable and salaries expense?
Gross earnings are recorded as Salaries Expense. It encompasses the employees net pay and all withholdings (income tax, FICA). If the employee is to be paid at the time the entry is made, you would credit cash for the amount of the net pay. If the employee is to be paid at a later date (probably within the current year or operating cycle), then you would instead credit Salaries Payable. When the employee is finally paid, you would debit salaries payable and then credit cash.
Is salaries payable a liability?
Salaries payable is liability payable in future time period.
What accounts is NOT a permanent account A cash B accounts payable C salaries expense D thomas bernard capital?
Salaries expense is not a permanent account because it will ultimately be closed to retained earning account at the end of fiscal year and from new year salaries expense account start with nill balance.
Salaries payable is an example of?
salaries payable it is and example of liabilities tittles!
Is salaries payable a current liability?
Yes, salaries payable is a current liability.
What is the difference between salary payable and salary expense?
Gross earnings are recorded as Salaries Expense. It encompasses the employees net pay and all withholdings (income tax, FICA). If the employee is to be paid at the time the entry is made, you would credit cash for the amount of the net pay. If the employee is to be paid at a later date (probably within the current year or operating cycle), then you would instead credit Salaries Payable. When the employee is finally paid, you would debit salaries payable and then credit cash.
What is the journal entry for Cost of services provided I know the debit will decrease COGS but what will I credit I tried Salary Payable however there is not enough cash flow to pay out?
In this scenario, if you're recording the cost of services provided (like salaries or service expenses) without immediate cash payment, you would debit the appropriate expense account (e.g., "Service Expense" or "Salaries Expense") to recognize the cost. You would then credit a liability account, such as "Accrued Liabilities" or "Salaries Payable," to indicate that you owe this amount but have not yet paid it. This shows the expense incurred while reflecting the obligation to pay in the future.
