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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.
User accounts are the primary means of access for actual people to the system (computer), and these accounts insulate the user and the environment, preventing the users from damagi
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After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi
what are the implications of applying accounting concepts wrongly
Q. What is sales allowance? A sales allowance is a inference from the original invoiced sales price granted when the customer keeps the merchandise but is dissatisfied for any
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