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what is the Journal entry for Salaries outstanding? Giv an
example.
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Answer / sanjaya bbllav mohanty
salary a/c dr
to salary outstanding a/c
wnen paid
salary outstanding a/c dr
to cash / bank cr
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / santosh kumar
First entry for Salary Outstanding:-
Salary A/C Dr
To Outstanding Salary A/C
(Being salary due for the month)
When paid?
Salary Outstanding A/C Dr
To Bank A/C
(Being outstanding salary paid)
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / naresh
Keep in mind every time when you're preparing a journal entry
Assets always shows debit balance
Liabilities always shows credit balance
When payment is not made
Salary Dr
Outstanding salary CR
When payment is made
Outstanding salary Dr
Cash CR
Final entry
salary Dr
To cash CR
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / bala
salary A/c Dr. xxx
To salary outstanding A/c xxx
(being salary for due)
salary outstanding A/c Dr. xxx
To salary A/c xxx
(being salary paid)
| Is This Answer Correct ? | 4 Yes | 7 No |
Answer / yogendra pratap singh
overhead salries A/c Dr
To outstanding salaries a/c
| Is This Answer Correct ? | 0 Yes | 4 No |
Answer / waqar
nononononon
first
salary a/c dr
outstanding salary a/c cr
beginning of year
we transfer outstanding salary to salary expense a/c
by
outstanding salary dr
salary expense a/c cr
and when payment made
salary expense dr
cash /bank cr
| Is This Answer Correct ? | 3 Yes | 20 No |
Answer / subash
salary a/c dr
to salary payable a/c
salary due
salary a/c dr
to bank/cash a/c
payment
| Is This Answer Correct ? | 12 Yes | 34 No |
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Benjamin O'Henry has owned and operated O'Henry's Data Services since its beginning ten years ago. From all appearances, the business has prospered. In the past few years, you have become friends with O'Henry and his wife. Recently, O'Henry mentioned that he has lost his zest for the business and would consider selling it for the right price. You are interested in buying this business, and you obtain its most recent monthly unadjusted trial balance which follows: O'Henry's Data Services Unadjusted Trial Balance November 30, 20XX Cash……………………………… $9,700 Accounts receivable……………………… 7,900 Prepaid expenses………… 2,600 Furniture, fixtures, & equipment 151,300 Accumulated depreciation $15,600 Accounts payable………… 3,800 Salary payable……………… Unearned service revenue 6,700 Benjamin O'Henry, capital 137,400 Benjamin O'Henry, withdrawals 2,000 Service revenue………… 14,300 Rent expense…………… Salary expense………… 3,400 Utilities expense……… 900 Depreciation expense Supplies expense…… Total…………………………………………. $177,800 $177,800 Revenues and expenses vary little from month to month, and November is a typical month. Your investigation reveals that the unadjusted trial balance does not include the effects of monthly revenues of $2,100 and monthly expenses totaling $2,750. If you were to buy O'Henry's Data Services, you would hire a manager who would require a monthly salary of $3,000. The most you would pay for the business is 20 times the monthly net income you could expect to earn from it. Compute this possible price. The least O'Henry will take for the business is his ending capital. Compute this amount. Under these conditions, how much should you offer O'Henry? Give your reason. I have the mathimatical part ok , please give reasons on how much and why I they would offer him the amount.
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what is the Journal entry for Salaries outstanding? Giv an example.
27 Answers ACS, Apple, Cognizant, Genpact, HSBC, Infosys,
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