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Db. Expense ****
Cr. Acrual Expense ****
Under the accrual basis of accounting, unpaid wages that have been earned by employees should be entered as 1) Wages Expense and 2) Wages Payable or Accrued Wages Payable. Wages Expense is an income statement account. Wages Payable is a current liability account that is reported on the balance sheet.
In P&L it could be reflect as an expense or Accrued Wages Account.
While in B/S as an Liablaity so for.
Unpaid wages should be accounted as follows:
(1) Wages Expense and
(2) Wages Payable or accrued wages payable.
Wages Expenses is an expense account on the statement of Income and Expenses while Wages Payable/Accrued Wages payable is a current liability account on the Balance Sheet. This is under the accrual basis of accounting.
the unpaid days will calculated as per employee contract and the company policies in general way unpaid day will calculate as below
monthly salary/ 3o days*no. unpaid days
Unpaid wages should be accounted for as a liability. And recorded using wages payable account / Accrued expense.
Unpaid wages that have been earned by employees should be entered as
1) Wages Expense
2) Wages Payable or Accrued Wages Payable.
Wages Payable is a current liability account that is reported on the balance sheet
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