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Wages is salary. Its the same terminology
If you are talking about addition payments classed as expenses paid in to the (Wage/salary) then it depends if the amount is "claimed" is taxable -
If taxable the amount is shown as a subtotal before the wage/salary figure and then totalled then take and insurances/deductions then net paid
If its not taxable its goes on the end after taxes are removed and shown as net wage plus expense
The company is obliged to record either for tax purposes and for the annual accounts to reflect payments out on the balance sheet
What else can I help you with?
What is the proper tax refund accounting entry to record the return of excess taxes paid by a company?
The proper tax refund accounting entry to record the return of excess taxes paid by a company is to debit the cash account for the amount of the refund received and credit the income tax expense account to reduce the tax expense recorded.
What would the journal entry be if a company incurred an expense?
There may be more than one way to record an expense. The easiest journal to think about is when you've used cash to pay for the expense. In that case, you would debit an expense account and credit cash. But, if you've received the benefit of an expense but have not yet paid for it the debit would still be the expense account but the credit would be a liability account. Of course, there are times when cash flows but no expense is recognized such as investments in property, plant and equipment. After that expenditure is made you would recognize periodic expenses in the form of depreciation. That would be a debit to depreciation expense and a credit to accumulated depreciation.
How do you prepare the adjusting journal entry to record bad debt expense?
The bad debt is recorded against the asset, which is the debtors control account, or account recievable, for example company A is owed $1000 by company B, during the year, company B approaches company A and states that it is going out of business and can only pay them $600, therefore the bad debt is $400 Credit the debtors account of company b with $400 and debit bad debt expense $400
How to properly record a tax refund in accounting?
To properly record a tax refund in accounting, you would debit the cash account to increase it and credit the income tax expense account to reduce it. This reflects the refund as income received and reduces the expense previously recorded for taxes paid.
How do I record federal taxes paid in QuickBooks?
To record federal taxes paid in QuickBooks, you can create a new expense account for federal taxes and then enter the payment as an expense transaction in the software. Make sure to categorize the payment under the federal taxes account to accurately track and report your tax payments.
How do you record accrued salaries?
Debit Salaries Expense, Credit Salaries Payable.
What is the proper tax refund accounting entry to record the return of excess taxes paid by a company?
The proper tax refund accounting entry to record the return of excess taxes paid by a company is to debit the cash account for the amount of the refund received and credit the income tax expense account to reduce the tax expense recorded.
If a company fails to record estimated bad debts expense?
expenses are understated
How do you record an expense journal for example Hired a secretary-receptionist at a salary of 2000 per month?
[Debit] Salaries Expenses 2000 [Credit]Cash/Bank 2000
What does a payroll consist of?
In a company "Payroll" is a sum of all financial record. it consist of salaries, wages, bonuses & deductions.
What is a payroll in a way a kid could understand?
A payroll is a record of money a company pays to its employees. This record would include salaries, bonuses, and taxes deducted.
What are the differences between dividend and expense accounts?
Dividend account is the account used to record money paid on stock such as common stock, this comes out of retained earnings. Expense accounts are expenses that the company has to maintain operation and come out of Revenue, before dividends are calculated. A company may choose to not pay dividends on stock for a year (or so) if the company's retained earnings do not meat a certain amount.
Journal entry to record an accrued vacation expense?
Though I have never heard the term "accrued vacation expense" nor have I ever heard of a "vacation" being a business expense, however, the journal entry would be handled like most "payables". So if your company uses the account of Accrued Vacation Expense, the journal entry should be something like....Vacation Expense (debit) $XXXAccrued Vacation Expense (credit) $XXXOnce the amount is paid, a debit would be recorded in the Accrued Vacation Expense account and a credit to Cash, to remove it from the books and note that the debt (or expense) has been met.
Where would you record acceptances in balance sheet?
Record it as an expense.
Which constraint would allow a company to record the purchase of a 120 printer as an expense rather than capitalizing the printer as an asset?
cost effectiveness
Is tax a asset or expense and how do I record it in the General journal or balance sheet-?
Tax is an expense, you do not record it in a balance sheet but on the general journal.
What are the accounting journal entries to record payments to employees for salaries?
Debit salaries expenseCredit cash / bank
