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What is the journal entry for Advance Salary paid to ram through Bank?

Updated: 9/21/2023

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advance salary a/c dr

to cash

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What is Journal entry of salary advance?

salary advance a/c Dr To casha/c salary advance a/c Dr To casha/c

Journal entry for income paid in advance?

Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.

What is salary journal entry?

debit salary expensecredit cash

What is the Journal entry for advance?

Debit advance paidCredit cash / bank

When to pass journal entry for salary?

debit salary expensecredit cash

Related questions

What is Journal entry of salary advance?

salary advance a/c Dr To casha/c salary advance a/c Dr To casha/c

Journal entry for income paid in advance?

Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.

What is a journal entry of salary?

debit salary expensecredit cash

What is salary journal entry?

debit salary expensecredit cash

What is the Journal entry for advance?

Debit advance paidCredit cash / bank

What is journal entry of paid salary?

debit salary expensecredit cash

When to pass journal entry for salary?

debit salary expensecredit cash

What is the journal entry for settlement of advance?

Suppose "A" Gives Rs 100000 as an Advance to "B" what will be the Journal Entry of Advance given to B and latter the Advance settling entry after the B give a bill to A

Salary paid in advance double entry in accounts?

Advance Salary A/C 1000.00 Dr. Cash A/C 1000.00 Cr. next entry is Salary A/C 1000.00 Dr. Advance Salary 1000.00 Cr.

What is journal entry for salary account?

Debit salary accountCredit cash / bank

What is the journal entry for salary?

[Debit] Salary expense [Credit] Cash / bank

What is the journal entry for accrued expense?

basic salary 21967 / salary of September

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