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    oyatominiyi's Avatar
    oyatominiyi Posts: 1, Reputation: 1
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    #1

    Jan 9, 2012, 03:29 AM
    Accrued wages payable?
    Is this the total wages payble in the accounting period say a year plsclarify
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jan 9, 2012, 07:44 AM
    Wages Payable is wages that have been incrurred, but yet not paid by the company. For example a pay period ends on a Friday, but the end of the accounting period is a Wednesday so you will incur 3 days of wages(Mon, Tue, and Wed). You will expense 3 days of wages and will have 3 days of Wages Payable in the next accounting period.

    On Friday when payday occurs the company will expense 2 days of wages for Thur and Friday, and will debit Wages Payable for 3 days of wages (Mon, Tue, and Wed, and will credit Cash for the 5 days paid.
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