jsoliz
Apr 21, 2007, 11:42 PM
When crediting salary payable which account should be debited?
jsoliz Apr 21, 2007, 11:42 PM When crediting salary payable which account should be debited? ThePhantom Apr 22, 2007, 08:06 AM 'Salary expense' should be debited. As per accrual basis of accounting, expenses should be recognized when incured. [Dr.] Salary expense XX [Cr.] Salary payable XX This adjusting entry is passed at period end. When actual payment is made : [Dr.] Salary payable XX [Cr.] Cash XX Copyright ©2005-, Ask Me Help Desk
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