Payroll expenses are any payroll-related costs that are included in the income statement as an expense and payable by the company (employer). Typical payroll expenses include wages or salaries, company-paid payroll taxes, and the employer-paid part of employee benefits, such as insurance. Answerin...
In the journal entry above, an expense has to be recorded to show the loss. And as a contra entry against this, we have to reduce our purchases account (it is purchases for theperiodic system of inventory) or inventory account (for theperpetual system). In the end of the day the debit...
In the general journal, each entry has the transaction date and the general ledger account titles of the accounts that must be debited and credited to record the transaction.Answer and Explanation: The journal entry must record the utility expense and the in...
If you credit salaries payable, what do you debit in accounting? In accounting, when do you use bad debt in a journal entry? How do you increase an expense account in accounting? Which of the following transactions will result in an increase in the receivables turnover ratio? - The journal...
Note: In this example we have combined salaries and wages into one account, but sometimes in real life these are kept separate - one account for wages and another account for salaries. T-Accounts: Trial Balance: Tutorials relating to this T-Accounts, Journal Entry and Trial Balance Question:...
Answer to: Foxfire Company paid $1,600 cash for advertising expenses. Prepare the general journal entry to record this transaction. By signing up,...
In regular business, many petty expenses are incurred for the smooth functioning of the business. However, these expenses are neither regular in nature nor significant in amount. Also, these expenses don't fit into other standardized general ledger accounts such as Wages, Salaries, Advertisements, ...
Journal Entry Debits Credits Contra-equity –Unearned (deferred) Compensation 1 $3.0 million Retained earnings –SBC expense $3.0 million We now turn to the accounting and journal entries for stock options, which are a bit more complicated. 2. Stock Options Example On January 1, 2018, Jones ...
Carvajal, Manuel J.Popovici, IoanaResearch in social & administrative pharmacy: RSAPCarvajal MJ, Popovici I. Pharmacists' wages and salaries: The part-time versus full-time dichotomy. Res Soc Adm Pharm. 2016;12(2):341-346. doi:10.1016/j.sapharm.2015.06.003....
What is payroll accounting? What is a payroll journal entry? How to record payroll Using an existing payroll serviceWhat is payroll accounting? Payroll accounting keeps track of five essential payroll-related costs and obligations. Employee compensation: Salaries, wages, paid time off (PTO), and ...