Bookkeeping

Salaries and Wages Payable have a similar treatment as compared to any other Accrued Expense. In accordance with the Matching Principle of Accounting, Salaries, and Wages Payable (even if they are unpaid) are debited as expenses in the Income Statement. On 4th July 2021, Company ABC made a payment of $30,000 as salaries, which was […]

Assets and liabilities are included in a balance sheet, and you’ll use the components of the balance sheet for your working capital calculation. A balance sheet is a financial statement that reports assets, liabilities, and equity balances as of a specific date. Still, it’s important to look at the types of assets and liabilities and