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credit because it is a liability.

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โˆ™ 2010-12-02 20:26:46
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Q: Are accrued expenses a debit or credit balance?
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Related questions

Is accrued expenses is debit or credit in trial balance?

Accrued expenses are also expenses which are accrued but not paid yet so these are also shown in debit side of trial balance.


Is accrued expenses a debit or credit balance?

Debit in your Income statement credit in your balance sheet.


Do accrued expense accounts have debit balance?

accrued expense has debit balance like all other expenses.


What is the entry of accrued traveling expenses?

[Debit] Accrued traveling expenses [Credit] Accrued expenses payable


What are accrued expenses reported on the balance sheet as?

As you accrue expenses, they show up as a CREDIT on the balance sheet, and a DEBIT on the income statement. Then as you actually incur the expense and pay out, you would CREDIT your cash account, and DEBIT the accrued liability account on the balance sheet. For example, if you expect to spend $12,000/year on business travelling expenses, you would accrue $1000 monthly as a CREDIT to your accrued liability account (on the balance sheet), then a DEBIT to the expense account (on the income statement). When you actually do incur the expense and pay out, you CREDIT your cash account, and DEBIT the accrued liability account. Thus, the accrued liability account is cleared out and eventually washed out to zero.


Expenses are to be debit or credit?

Expenses normally have a debit balance.


How do you enter accrued expenses in the general ledger?

Accrued expenses are entered as liabilities in the general ledger. Debit expense and credit accrued liability.


Do expenses have credit or debit balances?

Expenses normal balance is debit.


What is the journal entry to set up an accrued expense?

Debit accrued expensesCredit expenses payable


Do expenses have credit or debit?

All expenses has debit balance as normal default balance while all income has credit balance as normal default balance.


Does accrued salaries have a debit or credit balance?

Credit; liability accounts are always credit


Is wages and salaries expense a debit or credit?

All kind of expenses have debit balances so wages and salaries expenses have also debit balance instead of credit balance.


What is the journal entry for payment of accrued expense?

debit accrued expensescredit cash / bank


Accrued expenses are expenses that have been paid but not incurred?

Accrued expenses are paid after being put on the company's financial books. Every entry that is adjusted for accrued expenses is listed as a debit on an expense account, increased expenses on an income statement, net income reduction, credit on a payable account, and increased liability on the company's balance sheet.


Does an advertising expense has a credit or debit balance?

All expenses debit (-)


Are salaries expense debit or credit?

Expenses have a normal debit balance.


How do you journalize accrued selling expenses?

[Debit] Selling Expenses [Credit Selling expense payable


Is wages and salaries expenses on a normal balance account considered a debit or credit?

Wages and salaries both are expenses to the company and like all expenses normal debit balance these accounts also have debit balance as their normal balance.


is revenue debit and expense credit?

No all revenues has credit balance as default balance while all expenses has debit balance as default normal balance.


Is rent revenue credit or debit?

All revenues has credit balances as default balance like wise rent revenue also has credit balance as default balance instead of debit balance because all expenses has debit as default balance.


Does an expense normally have a credit or debit balance?

Expenses maintain a debit balance. They are opposite accounts to Revenue which maintains a credit balance. Gross Income (Gross Revenue) - Expenses = Net Income


A balance of a prepaid expence account is normally DEBIT OR CREdit?

Prepaid Expenses would normally have a debit balance.


Is cogs normal debit or credit account?

COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.


What account have normal debit balance?

All Expenses as well as Assets have debit balance while revenue items as well as liabilities have credit balance.


If gas accrual in Jan 15.00 Feb 15.00 and March 12.00 paid gas bill in march for Jan 25 What are your journal entries for Jan feb march including reversals of accruals accounts payable and payment?

Jan - Debit Utilities Expense $15 Credit Accrued Expenses $15, Jan accrual. Feb - Debit Utilities Expense $15 Credit Accrued Expenses $15, Feb Accrual March - Debit Utilities Expense $12 Credit Accrued Expenses $12, Mar Accrual Feb or March (when bill is received) - Debit Utilities Expense $25 Credit Accounts Payable $25, record gas bill. and Debit Accrued Expenses $15 Credit Utilities Expense $15, reverse Jan accrual. March - Debit Accounts Payable $25 Credit Cash $25, record Check #? (could be posted in Cash Disbursements Journal).