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    yj8989's Avatar
    yj8989 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 3, 2011, 03:50 PM
    In accouting wages is asset or owner equity?
    IF the given transaction with wages 400 .Should debit as asset or owner equity? So damn confuse!
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #2

    Jun 3, 2011, 04:57 PM

    Wages are an expense.
    talal-crackdown's Avatar
    talal-crackdown Posts: 34, Reputation: 1
    Junior Member
    		  
    #3

    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
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