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Journal entry for paying salaries?

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Question ajoutée par bala sai
Date de publication: 2018/09/08
TILLAI GAUTHAM SURYARAJ
par TILLAI GAUTHAM SURYARAJ , Senior Researcher , Willaims Lea

Debit Salaries account and Credit Cash. As the rule states Debit all Expenses and Losses. In this case Salary is an expense. Other rule states Credit what goes out. In this case Cash goes out. 

Muhammad Kassab CMA CertIFR
par Muhammad Kassab CMA CertIFR , Chief Accountant , Zultec Int. Ltd.

 

first you have to record the expense when accrued:

Dr. Salary expense accounts

Cr. accrued salaries

 

second you will record the payment when it happens:

Dr. Accrued Salaries

Cr. Bank or Cash

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