Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. What do you mean by Salaries?
The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays salaries on the last day of the accounting period for a pay period ending on that date it must make an adjusting entry to record any salaries incurred but not yet paid.
Micro Train Company paid USD 3600 of salaries on Friday 2010 December 28 to cover the first four weeks of December and the entry made at that time was:
Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the month. Nor does any account illustrate the employer's obligation to pay these salaries. The T-accounts pertaining to salaries emerge as follows before adjustment:
Prerequisite salaries are USD 3600 for four weeks they are USD 900 per week. Meant for a five-day workweek daily salary is USD 180. Micro Train formulates the following adjusting entry on December 31 to accrue salaries for one day:
Subsequent to adjustment the two T-accounts involved appear as follows
The debit in the regulating journal entry brings the month's salaries expense up to its correct USD 3780 amount for income statement purposes. The credit to Salaries Payable files the USD 180 salary liability to employees. The balance sheet illustrates salaries payable as a liability. Another instance of a liability/expense adjustment is when a company incurs interest on a note payable. The debit would exist to Interest Expense and the credit would be to Interest Payable.
Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac
what is the implication of applying accounting concepts wrongly
Assume we are a trading company giving devices and sometimes after sales service. when any fault came we just replace the hardware from another defective device and getting the pay
Investment banking is a is an instrument which is used by the financial organization to take a improved investment decision like issuing IPO stocks bond etc.
As part of their divorce agreement , Harry transfers to Mary, his former spouse, GM stock with a market value of 30000, Harry had $20000 invested in the stock. How does this transf
The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below. On April 1, 2010, the
What if the public holiday falls on a rest day? how to pay and which one is?
The Institute of Management Accountants previously the National Association of Accountants is an organization with approximately 70,000 members consisting of management accountants
assignments
In earlier section, we had illustrated accounting as the language of business. Along with language, accounting has several dialects. There are dissimilarities in terminology. In de
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd