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Explain the term- Salaries Expense and payment
The Accounting Entry for Employee Earnings and Deductions
Employer is the "agent" who is responsible for withholding the amounts of deductions and then passing them on to the proper agency. Employer is liable for every amount withheld until it is passed on to the appropriate agency. Every deduction is recorded in a liability account.
Salaries Expense-debit (This can be Office Salaries Expense and Sales Salaries Expense if more than one account is required to keep track of the salary expense.) This is an account used to record gross amount of payroll.
PAYMENT. One check for net amount of the payroll is written on company's regular checking account. Then this check is deposited in this separate payroll account. Individual checks for employees are then written on special account. When all checks have been cashed by employees, payroll account must have a zero balance.
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Accounting supposes that the business as an accounting entity will continue to operate for a long time in the future, unless there is superior evidence to the contrary. The enterpr
Question 1: Briefly explain the following costs terms: Variable costs and fixed costs Semi- variable costs and semi-fixed costs Past costs and future costs.
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Explain the term- Depreciation This is a term which is used to describe the expense which results from loss of usefulness of an asset because of age, wear and tear, and obsoles
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Adjusting entries in the general journal Be sure to put down the words "Adjusting Entries" at the beginning of journal after the last entry of month. By placing these words at
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Q. Steps used in retail inventory method? The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory s
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