What is the journal entry for electricity bill?

Journal Entry for Electricity Bill paid

Particulars	Amount	Accounting Rule
Electricity Bill a/c	XXX	Debit- All expenses and Losses
To Bank a/c	XXX	Credit- The Giver.

What is the journal entry for salary due?

Journal Entry for Salary Due

Outstanding Salary A/c	Debit	Debit the receiver
To Cash/Bank A/c	Credit	Credit what goes out/Credit the giver

How do you write salary entries in journal entry?

Journal Entry For Paid Wages. Wages is a nominal account and because this is an expense of Business, as such, Wages account will be debited according to the rule of “Debit all expenses”. Cash account will be credited, as cash is going out of the business. (Being Wages paid).

What is the journal entry for salary due but not paid?

The accounting rule applied is “credit the increase in liability” and “debit the increase in expense” (modern rules of accounting). They are also known as expenses due but not paid and should be shown in the financial books to avoid overstatement of earnings.

What is the journal entry of paid salary by Cheque?

Example

Salary A/c	Debit	Debit the increase in expenses
To Bank A/c	Credit	Credit the decrease in asset

What is the journal entry for billing a customer?

When you send an invoice to a customer, you enter it as a journal entry to the accounting journal. For the journal entry, you document the total amount due from the invoice as a debit in the accounts receivable account. You would also list the total amount due from the invoice as a credit in the sales account.

How do you record salary pay?

Debit the wages, salaries, and company payroll taxes you paid. This will increase your expenses for the period. When you record payroll, you generally debit Gross Wage Expense and credit all of the liability accounts.

How do you pass salary due entry?

38 Replies

1. For recording accrual of compensation the following entry can be passed in the P&L Statement: By Salary Expenses a/c* Dr.
2. Record accrual of Employer’s contribution in EPS / EPF / ESIC: By Company Contribution to EPF expense a/c Dr.
3. Payment of Salary, EPS, EPF, ESIC: By Salary Payable a/c Dr.

How do you Journalize salary pay?

Make the Adjusting Journal Entries Debit salaries expense and credit salaries payable to record the accrued salaries. Salaries expense is an income-statement account that reduces the net income for the period. Salaries payable is a balance-sheet short-term liabilities account.

Is outstanding salary an expense?

Answer: Outstanding means due which is not paid so outstanding salary is an expense which is due but not yet paid.

How do you enter salary payable?

read more journal entry, the salary expense that was sitting with debit balance will be credited, and the Retained earnings account will be debited. After that, salary expense a/c will also be cleared out to 0 balance at the end of each month.

What is a billing journal?

The Billing Journal report is one of the most important tools in the monthly billing process. List of resident transactions – This section forms the majority of the report and lists each individual transaction that has been posted to each resident during the billing period.