The journal entries for salary payments are (Dr = debit, Cr = credit): Dr Salary Expense (P&L) - Gross Salary Cr Expense Deduction A/c (Bal Sheet) - Salary Deductions Cr Cash (Bal Sheet) - Net Salary paid to employee Then when the salary deductions are paid over, usually the following month the entries are: Dr Expense Deduction A/c (Bal Sheet) - Salary Deductions Cr Cash (Bal Sheet) - Salary Deductions
debit salary expense
credit cash
Salary expense
debit salary paid in advance creidit mr.a a/c
The key word is "payable". This makes salary payable a liability until it is fully paid. There are two entries for a Salary Payable, the original Journal Entry to record when the payable occurs and the Adjusting Entry to record when the balance is paid. Entry to record: Salary Expense (debit) $$$ Salary Payable (credit) $$$ Entry to pay: Salary Payable (debit) $$$ Cash (credit) $$$ yes
debit salary expensecredit cash
debit salary payableCredit cash / bank
Salary expense
debit salary expensecredit cash
debit salary paid in advance creidit mr.a a/c
debit bankcredit capital
The key word is "payable". This makes salary payable a liability until it is fully paid. There are two entries for a Salary Payable, the original Journal Entry to record when the payable occurs and the Adjusting Entry to record when the balance is paid. Entry to record: Salary Expense (debit) $$$ Salary Payable (credit) $$$ Entry to pay: Salary Payable (debit) $$$ Cash (credit) $$$ yes
[Debit] Salary Expense xxxx [Credit] Salary payable xxxx
debit salary expensecredit cash
debit salary payableCredit cash / bank
deposit account (asset) = dr bank =cr
Debit accounts payableCredit cash / bank
general journal
debit salary expensecredit cash