yj8989
Jun 3, 2011, 03:50 PM
IF the given transaction with wages 400 .Should debit as asset or owner equity? So damn confuse!
talal-crackdown
Jun 5, 2011, 02:34 AM
Hi,
You didn't clarify your question well...
1.if you are an employee and receiving wages then entry will be:
Debit Cash 400
Credit income 400
If you are an employer and giving wages to labor then entry will be:
Debit wages expense 400
Credit Cash 400
Hit me back if you don't get it