New Zealand Are Accrued Interest and Accrued Wages classified separately from Accounts Payable?

[Jackson]

Hi Everyone,

Is it true that:

(i) The journal entry for Accrued Wages (at financial year end) is
Dr Wages Expense
Cr Wages Payable

(ii) The journal entry for Accrued Interest (at financial year end) is
Dr Interest Expense
Cr Interest Payable

or can I lump them all as as "creditors":
Dr Wages Expense
Dr Interest expense
Dr [Various supplier expense codes]
Cr Accounts Payable


Any help would be appreciated, thankyou.

 

[kirby]

Yes, Yes, No
No because your Accts Payable G/L account should tie to the sum of trade payable invoices.