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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 else can I help you with?
Is Wages payable a liability?
Yes any payable is liability of business in this way wages payable is also liability.
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.
Can you pay wages through notes payable?
Normally no, notes payable is something the company owes that affects Owners Equity, wages do not, they effect Retained Earnings. Wages payable and wage expenses are accounts you find on the Income Statement, while Notes Payable is on the Balance Sheet.
Does an increase in wages payable increase or decrease cash flow?
Increase in wages payable will increase in cash flow because cash is not paid.
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 journal entry for outstanding wages?
debit wages expensescredit wages payable
Is Wages payable a liability?
Yes any payable is liability of business in this way wages payable is also liability.
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.
What is wages payable?
on a balance sheet, does wages payable are for the last month of the year?
Can you pay wages through notes payable?
Normally no, notes payable is something the company owes that affects Owners Equity, wages do not, they effect Retained Earnings. Wages payable and wage expenses are accounts you find on the Income Statement, while Notes Payable is on the Balance Sheet.
Does an increase in wages payable increase or decrease cash flow?
Increase in wages payable will increase in cash flow because cash is not paid.
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.
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
How do you post wages payable into the trial balance?
credit
Wages belong to which expenses?
Wages Payable, or Payroll Liabilities. Also, classifies as Capital Expense.
Is wage a liability?
Yes any payable is liability of business in this way wages payable is also liability.
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.
