What is the difference between Wages Payable and Wages Expense? What statement do they appear on?  What account are they on? Do they carry a DR or CR balance? Please provide the same for Salary Expense

Q: In which journal would the payment of salaries be posted? a.cash receipts journal b.special journal…

A: Journal entry for Payment of salaries:   Salaries A/c   To Cash A/c ( Being salaries paid )   As per…

Q: Identify whether a debit or credit results in the indicated change for each of the following…

A: Definition: Rules of Debit and Credit: Following rules are followed for debiting and crediting…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: How to calculate salaries payable

A: Salaries payable can be defined as the liability account containing the amount of salaries, if any,…

Q: Which of the following accounts is a permanent account? Multiple Choice Fees earned. Office supplies…

A: Permanent account refers to those accounts which are not closed at the end of an accounting year and…

Q: I have a couple of questions. Please answer clearly, no typos and thoroughly. Thanks!1) What are…

A: Step1: Accrual adjustment. We have,Accrual adjustment is made when expenses should be reported for…

Q: Money paid by a company to help cover needed and unforeseen expenses

A: Insurance are the protection for unseen events. It is a measure  used for hedging against the risk.…

Q: Identify the TWO accounts in 'Accounting Equation' for "Salary paid to employees"? O a. Employees…

A: Assets = Liabilities + owner's equity Here, liabilities = salary payable to the employees Assets =…

Q: List various accounts in the balance sheet that representdeferred expenses.

A: Deferred expense: Expense which can be only be recognized on a future date.

Q: Which of the following a. payroll, taxes, and insurance b. depreciation, rent and utilities C.…

A: Revenue are the proceeds of goods and services it includes sales , interest earned, service revenue…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Wages…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Are paid salaries an increase, decrease or no effect on asset, liability and equity

A: Accounting equation is the one which is considered as the double entry accounting system foundation…

Q: 10. In which part of Statement of Financial Position does the Salaries Payable be listed? a. Assets…

A: As we answer only one question, I am answering the first question. Please resubmit the questions…

Q: Net Pay is: Group of answer choices credited to Salaries Payable. Credited to Salaries Expense.…

A: Correct answer in 'Credited to Salaries Payable.'

Q: All of the following accounts are presented under liabilities, except: a.) Advances to Supplier b.)…

A: The liabilities are the amount due to be paid to the outsiders. The liabilities are recorded in the…

Q: Which of the following defines outstanding salary account? [A] natural personal account [B]…

A: Outstanding salary refers to the amount which a business has to pay to persons, employees for…

Q: For financial accounting purposes, the salary of Lake Company’s president is classified as…

A: Period costs: Period costs are the costs other than the product costs. These costs are not incurred…

Q: For the following accounts please indicate whether the normal balance is a debit or a credit. Wages…

A: ACCOUNT NORMAL BALANCE ASSET DEBIT EXPENSE DEBIT LIABILITY CREDIT INCOME CREDIT

Q: Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec.…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: hey why doesnt the adjusted trial balance have a retained earnings section?

A: It shows the final ledger account balances that will be presented further on financial reports.

Q: WAGES EXPENSE is a(an) and is increased with a Fill in the blanks with the appropriate response. For…

A: Since you have asked multiple questions, we will solve the first question for you . If you want any…

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: As per the three golden rules of accounting a) In case of real accounts-We need to debit what comes…

Q: Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues…

A: Accrued expenses are those expenses which are due for the period but not paid in the same financial…

Q: Which of the following accounts may appear on a post-closing trial balance? Cash, Salaries Payable,…

A:

Q: What is salaries payable an equity, revenue, expense account, liability or expense?

A: Balance Sheet - Balance Sheet is combination of assets, liabilities and equity. It is prepared at…

Q: Record the emplovee salary expense, withholdings, and salaries pavable.

A: Particulars…

Q: One of the staff members asks you to explain the difference between the terms gross and net on the…

A: An employee gets compensated for the service by the employer. The employee receives a basic salary,…

Q: Accrued salaries decreases the liabilities of the company under the salaries payable account * O…

A: Accrued Salaries :  a) Accrued salaries means salaries which is required to be payable to the…

Q: How do accrued but unpaid expenses affect the balance sheet?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Which Accounting Principles says personal expenses should be debited to Drawings Account. a.…

A: Lets understand all the accounting principal given in the option. As per the accounting entity…

Q: Question 1: What should an employer use to complete Form W-3? Answer: A. O Employee earnings records…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Can somone help me with cost of good chart, rent expenses chart wages expense and interest expenses.

A: Ledger accounts are used to classify the journal entry transactions into accounts like expense…

Q: GROSS PAY is pay before any deductions are taken. Your answer: O True O False

A: An individual works for an employer to generate salary revenue and to advance in his career. The…

Q: Who among the following uses accounting information to know the possible wage increments? a. Owners…

A: The company is paying wages to its employees.Any amendment in wages payment will affect the…

Q: What is the difference between: Salaries and wages expense on the income statement And Salaries and…

A: The income statement and balance sheet are the financial statements of the business.

Q: 28. Which of the following is a permanent account? A) Wages Expense B) Salaries Payable C) Service…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: The employment income of an individual is reported on ________ slip, while investment income are…

A: Investment income is money received in interest payments, dividends, capital gains realized with the…

Q: How is the Income Summary account used? Is it a temporary or permanent account?

A: Income summary is an account which is prepared for closing accounts. It is prepared at the end of…

Q: All of the following accounts are presented under liabilities, except Accrued expenses Due to…

A: Liabilities are amounts that are owed by a firm while assets are amounts that are owed to a firm.

Q: How does receiving a payment from a customer on account affect the accounting equation?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: Fill in the blank Add up all Earned Income from all and _ "Wages, salaries, tips, etc.". Input all…

A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…

Q: 24) Which account would be reported on the income statement? A. Interest Expense B. Notes Payable C.…

A: Income statement refers to the one of the financial statements of the company which is being…

Q: Which account has a normal debit balance? Advertising expense Salaries payable Service revenue…

A:

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.