The outstanding expenses journal entry involves two accounts: the “Outstanding Expense Account” and the related “Expense Account”. They are an obligation for the business and therefore treated as a liability. The accounting rule applied is “credit the increase in liability” and “debit the increase in expense” (modern … See more A rent which is past its due date is called outstanding rent. Such an obligation is included in the list of current liabilities for a business and the account is treated as … See more Salaries and wages differ slightly. Part-time jobs, assignments with variable hours, and jobs with repetitive duties are commonly referred to as wages instead of … See more It is also known as accrued interest. An outstanding interest journal entry is required to record the amount of interest owed by the business on a loan obligation. … See more WebApr 13, 2024 · salary payment kaise kare salary paid in cash salary paid journal entry salary paid entry

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WebApr 5, 2024 · Outstanding expenses are those expenses that are related to the same accounting period in which accounts are being made but are not yet paid. Journal Entry: … WebSuch Outstanding expenses relate to a given accounting period but are not paid. Expenses like salaries, rents etc. of each month are paid in the following months. Such expenses, which are due for payment in given accounting year but the payment will be made in future accounting year, i.e., payment of such items is postponed, are Outstanding or unpaid … grubhub jack in the box coupon

Prepaid Expenses, Accrued Income and Income Received in …

WebMar 12, 2024 · In this way, for the 11 months of 2024, the business has paid salaries amounting to $110,000. However, the salaries for December 2024 will be paid on 10 … WebApr 24, 2013 · When the salaries are actually paid the liability would be debited and cash/bank credit. Outstanding Salary is expenses liability in nature therefore it is nominal account by nature. Above answers are a good explanation of how this entry should be made. Dr expense and Cr to salary payable. Its liability entry will be in current liabilities as ... WebGive the journal entries for the following adjustments: (a) Outstanding salary ₹ 3,500. (b) Rent unpaid for one month at ₹ 6,000 per annum. (c) Insurance prepaid for a quarter at ₹ … filtro ars 839