Is the normal account balance for the Wages and Salaries Payable account a debit or a credit?...
Question:
Is the normal account balance for the Wages and Salaries Payable account a debit or a credit? Explain.
Normal Balance Of General Ledger Accounts:
The general ledger displays an array of different accounts that have balances. These accounts have different normal balances which indicate and explain how to change the balance in an account using the double entry accounting system.
Answer and Explanation: 1
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View this answerAnswer: credit
Explanation:
Wages and salaries payable is a liability account with a normal credit balance. It represents amounts due to...
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Understanding Debits and Credits in Accounting
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Chapter 3 / Lesson 6
65K
Two key elements in accounting are debits and credits. Understand these critical pieces of notation by exploring the definitions and purposes of debits and credits and how they help form the basics of double-entry accounting.
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