WebThe adjusting journal entry for Wages Payable is: The $1,500 balance in Wages Payable is the true amount not yet paid to employees for their work through December 31. The $13,420 of Wages Expense is the total of the wages used by the company through December 31. The Wages Payable amount will be carried forward to the next accounting year. WebApr 9, 2024 · Outstanding Expenses Journal Entry Example. Outstanding expenses are those expenses that fall due in the current accounting period but are not being paid immediately. The benefits of these expenses have been consumed due to some reason which is not paid until the present accounting period terminates. Below is the journal …
Provision Expense Journal Entry Example - Accountinguide
WebAug 3, 2024 · To outstanding salary A/C. According to the rule which is related to the nominal account that says that debit all expenses and credit all income. We can say that if you experience any loss or expenses in your business than the entire loss amount will be debited and if you earned any income in your business than your account will be credited. WebAug 1, 2024 · The $1,500 balance in Wages Payable is the true amount not yet paid to employees for their work through December 31. The $13,420 of Wages Expense is the total of the wages used by the company through December 31. The Wages Payable amount will be carried forward to the next accounting year. In the journal entry, Supplies Expense has … sword on the side minecraft texture pack
All About Advance Payments In Tally ERP 9 Tally Solutions
WebFeb 6, 2024 · Journal Entries for Adjustment. ... Wages outstanding Rs 5,000 (c) Insurance prepaid Rs 2,000 (d) Bad debts is to be maintained Rs 4,000. Required: Journal entries for adjustments and work sheet [Answer: Adjustment = Rs 41,000; Adjusted TB = Rs 735,000; WebJan 21, 2024 · Explanation: The salary Due or Outstanding to the employees is considered as the Expenses of the business. According to the accounting rules, the increase in the … WebDec 17, 2024 · The major expenses are staff salary, rent, electricity, maintenance charges, cost of vegetables, fruits and groceries. The company policy is to pay the staff salary, Maintenance and grocery bills (all outstanding expenses) on 5th of next month. The current month is May. May month expenditure which will be payable in June is $10 Million and ... tex tan show saddles for sale