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You are trying to decide what to wear to a job interview. What should you do?
Salaries Payable
An account that records owed but unpaid wages to employees, regarded as a current liability on the balance sheet.
Prepaid Salaries
Expenses paid in advance for salaries, which are recorded as an asset on the balance sheet until they are actually incurred.
Salaries
Regular payments made to employees for performing their jobs, typically expressed as an annual amount but paid in smaller increments such as monthly or bi-weekly.
Expense Incurred
A cost that has been realized during the performance of business activities, pending payment or already paid.
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