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...
Journal entries are the first step in theaccounting cycle. They are used to record all business transactions and events in the accounting records of a business. A journal entry is recorded in the company’s general journal, which is the company’s official book of recording journal entries. Un...
Is Advance: If this is an advance payment by a Customer, set this option to 'Yes'. This is useful when you have linked a 'Reference Type' form to this Journal Entry. Selecting “Yes” will link this Journal Entry to the transaction selected in the 'Reference Name' field. To know more...
If salaries for the month of December is 200000 but paid only 100000 at 31st December, and the rest of the amount is paid in January, what will the entry be for both months considering FY ends at the end of December? See the journal entry for point 4) in the main example at the t...
Key each entry by date and letter. Narration is not needed.Use following accounts: Supplies, Interest Receivable, Accumulated Depreciation –Equipment, Accumulated Depreciation –Building, Prepaid Insurance, Salary Payable, Unearned Service Revenue, Service Revenue, Interest Revenue, Salary Expense, ...
A reference numberor also known as thejournal entry number, which is unique for every transaction. The date of the journal entry. The account column, where you put the names of the accounts that have changed. Two separate columns for debit and credit. Here you will put the amounts that ...
What is the Journal Entry for Deferred Revenue? Suppose a manufacturing company receives $10,000 payment for services that have not yet been delivered. The initial journal entry will be a debit to the cash account and credit to theunearned revenueaccount. ...
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 Payable, credit Employee ...
The purpose of payroll accounting is to keep track of employee compensation and related payroll costs. Recording these costs can give small business owners an accurate picture of their expenses.
Using the figures from the examples above, the employer need to make the following journal entry to record the monthly payroll expense for Mark and Jane:AccountDrCr Salaries expense 21,667 Payroll taxes expense 1,618 Income taxes payable 3,500 FICA taxes payable 3,092 SUTA tax payable 63...