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LoginWhere Should I Enter Unpaid Wages?
Adjusting Entries Tutorial Adjusting Entries Interview Questions in Adjusting Entries Tutorial 3 years ago
Under the ACCRUAL basis of accounting, unpaid wages that have been earned by EMPLOYEES should be entered as 1) Wages Expense and 2) Wages Payable or Accrued Wages Payable. Wages Expense is an income statement account. Wages Payable is a current liability account that is reported on the balance sheet.
The recording of wages that have been earned but not yet paid or processed through the routine PAYROLL ENTRIES is referred to as accruing wages. This is done through an accrual-type adjusting entry.
Under the accrual basis of accounting, unpaid wages that have been earned by employees should be entered as 1) Wages Expense and 2) Wages Payable or Accrued Wages Payable. Wages Expense is an income statement account. Wages Payable is a current liability account that is reported on the balance sheet.
The recording of wages that have been earned but not yet paid or processed through the routine payroll entries is referred to as accruing wages. This is done through an accrual-type adjusting entry.
Posted on 20 Feb 2022, this text provides information on Adjusting Entries Tutorial related to Adjusting Entries Interview Questions in Adjusting Entries Tutorial. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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