Salaries Payable
Code: 2131Account Information
| Financial Statement | Statement of Financial Position |
| Normal Balance | Credit |
Definition
Monthly employee salaries due for payment
Common Journal Entries
Dr. Salaries Expense
Cr. Salaries Payable
Dr. Salaries Payable
Cr. Bank Account
Dr. Salaries Payable
Cr. Employee Receivables
Dr. Salaries Payable
Cr. Social Security Payable
Dr. Salaries Expense
Cr. Salaries Payable
Dr. Salaries Payable
Cr. Bank Account
Dr. Salaries Payable
Cr. Employee Receivables
Dr. Salaries Payable
Cr. Social Security Payable
📐 IFRS vs US GAAP Accounting Treatment
❓ Frequently Asked Questions
A: Salaries payable: service rendered but not yet paid (liability). Prepaid salaries: paid before due (asset).