Explain the term- salaries expense and payment, Accounting Basics

Assignment Help:

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.

 


Related Discussions:- Explain the term- salaries expense and payment

Show timing of expense recognition, Q. Show Timing of expense recognition? ...

Q. Show Timing of expense recognition? The timing of expense recognition The matching principle entail that a relationship exists between expenses and revenues. For definite ex

The following unadjusted trial balance is prepared at fisca, The following ...

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $

What do you mean by supplies on hand, Q. What do you mean by Supplies on ha...

Q. What do you mean by Supplies on hand? Supplies on hand approximately each business uses supplies in its operations. It may classify supplies merely as supplies to include al

Acct 205, I need help with accounting 205 week four assignment

I need help with accounting 205 week four assignment

Advantages and disadvantages inventory procedure, Q. Advantages and disadva...

Q. Advantages and disadvantages inventory procedure? Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of

Traditional body of accounting theory, Q. Traditional body of accounting th...

Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop

What is merchandise inventory, Q. What is Merchandise inventory? Mercha...

Q. What is Merchandise inventory? Merchandise inventory is the cost of goods on hand in addition to available for sale at any given time. To determine the cost of goods sold in

The percentage analysis of changes of corresponding items, The percentage a...

The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals

Explain merchandising companies, Q. Explain Merchandising companies? Me...

Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd