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Salaries Payable

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Salaries Payable

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • February 14, 2018 at 6:48 am #437036
    ahmed9729
    Member
    • Topics: 66
    • Replies: 60
    • ☆☆

    For recording journal entries for salaries to employees, is it correct to record as:

    Salaries expense debit
    and crediting the bank accounts of each employee (according to their Payroll (PR) number0

    or should it be

    Debit salaries expense
    and crediting only one account (i.e- Salaries payable)

    February 14, 2018 at 9:48 am #437124
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54659
    • ☆☆☆☆☆

    The entry is credit cash and debit salaries.

    Do watch my free lectures – the lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.

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  • The topic ‘Salaries Payable’ is closed to new replies.

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