What are accrued expenses and journal entries with examples ?

Question

Accepted Answer

Accrued expenses are expenses that have been incurred but not yet paid. Journal entries are used to record these expenses.

Accrued expenses are recorded as liabilities on the balance sheet.
They represent expenses that have been incurred but not yet paid.
Accrued expenses are typically recognized at the end of an accounting period.
Journal entries are used to record accrued expenses by debiting an expense account and crediting a liability account.
Examples of accrued expenses include salaries payable, interest payable, and utilities payable.

Accepted Answer

Accrued expenses are expenses which are incurred but not yet paid. Yes, its a liability to a company for due payment.

Interest A/c.....................Dr

To Interest Payable A/c

Accepted Answer

Accrued expenses is expenses get accrued or due but not yet paid. Hence it’s a liability for company. Interest expenses a/c Dr to interest payable a/c

What are accrued expenses and journal entries with examples ?

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