Ask Experts Questions for FREE Help !
Ask
    irenahama's Avatar
    irenahama Posts: 2, Reputation: 1
    New Member
     
    #1

    Apr 5, 2011, 12:46 AM
    How to do a correcting entries for salaries?
    The first salary payment this month was for $1,900, which included $700 of salaries payable on March 31. The payment was recorded as a debit to Salaries Expense $1,900 and a credit to Cash $1,900. (No reversing entries were made on April 1.)
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
    Ultra Member
     
    #2

    Apr 5, 2011, 04:25 PM

    You can correct this with a debit to Salaries Payable of $700 and a credit to Salaries Expense of $700.
    irenahama's Avatar
    irenahama Posts: 2, Reputation: 1
    New Member
     
    #3

    Apr 6, 2011, 02:13 AM
    Comment on Just Looking's post
    Thank you very much. I was not sure but now I know that I was right. Thanks again:)

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Correcting Entries [ 2 Answers ]

You are a newly-hired accountant of the Aguamenti Company, having been hired on August 31, 2009. However, shortly after you have acquired knowledge of the business' systems and accounts, you have discovered the following omissions and errors perpetrated in the past years (the Company uses a fiscal...

I'm interested.correcting entries, incorrect entries [ 1 Answers ]

I was wodnering If someone can tell me how these were done. I am a mother of a nursing student and I am interested in doing accounting diploma. So I want to learn before I decide. I was wondering if someone can tell me what the incorrect entry, the correct entry and the correcting entry would be. I...

Correcting Entries [ 1 Answers ]

How do I show the correcting entry for... Payment on account of $920 to a creditor was debited $290 to a/p and credited $290 to cash? Also, A $400 withdrawal of cash for Bett's personal use was debited $400 to salaries expense and credit $400 to cash And finally A customer was billed...

Correcting Entries [ 1 Answers ]

The question is: At the end of 2007 the company accrued salaries of $45 000 in excess of the correct amount. Prepare the journal entry in 2008 to correct the books. The answer is: Sales Salaries Expense 45,000 Retained Earnings 45,000 I don't understand why... what is the closing...

Correcting entries [ 1 Answers ]

Which accounts would I use to correct an entry, where a bill was posted as being paid and later it was realized that the bill was paid with the owner's personal money?


View more questions Search