Expense Journal Entry Example (Salary) h) In order to be able to successfully pull off the catering job for the wedding and for future jobs, George decides to hire an assistant. He paid the assistant a $4,000 salary. What happens with this? As usual, we're going to first take a loo...
An example of payroll accounting would include a debit to the salary expense account and a debit to the payroll checking account. What is the double entry for payroll? Each payroll transaction requires a double-entry, which involves a debit to one or more accounts and an equal credit to ...
The following is the entry of accrued salary in reversing journal. 7. Transfer Transfer journal entry records the transfer of amount from one account to another. For example, if a company moves assets between bank accounts or departments, they are recorded in a transfer journal. Example:A compa...
The journal entry to record salaries earned by 10 employees will:A.debit Salary Expense and credit Salary Payable for the net pay.B.debit Salary Expense and credit Salary Payable for the gross pay.C.debit Salary Expense for the gross pay, credit FICA Tax
Take a quick interactive quiz on the concepts in Accrued Salary Overview & Journal Entry | What is Accrued Payroll? or print the worksheet to practice offline. These practice questions will help you master the material and retain the information.
fixed assets or non-current assets, while the cash which we will pay in exchange for the vehicle will decrease our cash balance. Total assets increased and decreased by the same amount, but we will still record a journal entry because our balances of cash and non-current assets have changed...
However, I have to ask for more details about the issue to ensure a timely solution. To clarify, are you referring to the double-counted salary payments? Did you also create a journal entry for your payroll? I'd appreciate it if you could send a screenshot of what you're experiencing...
Give the journal entry for recording equipment purchased amounting to $1,980 at a cash price of $1,500. Which account is debited and which account is credited? What accounts are debited and credited to record a partner's cash withdrawal in lieu of salary? A company...
How we can pass the journal entry by: Anonymous How we can pass the journal entry for this question: 1.On 01.11.2019 bought a delivery Van of Rs.4,00,000 from Eram Motors on the following terms: Down payment paid to Eram Motors Rs. 50,000. Balance amount financed by HDFC Vehicle Lo...
Prepare the general journal entry to record this transaction. Crane Company purchased $3,850 of equipment using cash. Prepare the general journal entry to record this transaction. A company paid $1,600 cash as a salary to an assistant. Prepare the gener...