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    bfernandes's Avatar
    bfernandes Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 17, 2009, 06:01 PM
    Adjusting Entry
    I have to do an adjusting entry for
    Journal Entry DR CR
    31-Dec Salary Expense 3,000
    Wages & Salaries Payable 3,000
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Feb 17, 2009, 06:09 PM

    Please remember this :

    1) All Expenses and Assets are DEBITS.
    2) All Incomes and Liabilities and Equity are
    CREDITS.

    E + A = I + L and Equity.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #3

    Feb 18, 2009, 01:53 PM

    The journal entry is:
    Debit Salaries Expense for the amount
    Credit Salaries Payable for the amount

    When the Salaries are paid the entry is:
    Debit Salaries Payable for the amount in the account
    Debit Salaries Expense for the difference
    Credit Cash for the total amount paid
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