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A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
These transactions usually occur in a labour market where wages or salaries are market-determined. [2] In exchange for the money paid as wages (usual for short-term work-contracts) or salaries (in permanent employment contracts), the work product generally becomes the undifferentiated property of the employer. A wage labourer is a person whose ...
In accounting, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting .
A general journal entry would typically include the date of the transaction (which may be dispensed with after the first entry of the day), the names of the accounts to be debited and credited (which should be the same as the name in the chart of accounts), the amount of each debit and credit, and a summary explanation of the transaction ...
Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of compensation. Since wage labour is the predominant form of work, the term "wage" sometimes refers to all forms (or all monetary forms) of employee compensation.
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PILON can either be set out in the contract as an option for the employer, or it may simply be paid to cover any potential damages for breach of contract. If there is a pay in lieu of notice clause in the employee's contract, the amount the employee will get will normally be set out there. If not, it is up to the employee to agree to an amount.
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