What is accrual account and Journal entry ?

Question

Accepted Answer

Accrual account is a type of account that records revenue or expenses that have been earned or incurred but not yet received or paid.

Accrual accounting recognizes revenue and expenses when they are earned or incurred, regardless of when the cash is received or paid.
Accrual accounts are used to record these transactions until they are paid or received.
Journal entry is the process of recording a transaction in the accounting system using debits and credits.
For example, if a company earns $1,000 in revenue but has not yet received the cash, the transaction would be recorded in an accrual account until the cash is received.
The journal entry for this transaction would include a debit to accounts receivable and a credit to revenue.

Accepted Answer

Accural account is an accounting method that recordable all the transactions when they occur rather than when payments are made or received.

Journal entry is used to record a business transactions in the accounting records of a business.

Accepted Answer

Accrual account is a type of account that records revenue or expenses that have been earned or incurred but not yet received or paid.

Accrual accounting recognizes revenue and expenses when they are earned or incurred, regardless of when the cash is received or paid.
Accrual accounts are used to record these transactions until they are paid or received.
Journal entry is the process of recording a transaction in the accounting system using debits and credits.
For example, if a company earns $1,000 in revenue but has not yet received the cash, the transaction would be recorded in an accrual account until the cash is received.
The journal entry for this transaction would include a debit to accounts receivable and a credit to revenue.

Accepted Answer

Accrual accounting is an accounting method in which payments and expenses are credited and debited when earned or incurred

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