accrued expense has debit balance like all other expenses.
Accrued expenses are also expenses which are accrued but not paid yet so these are also shown in debit side of trial balance.
Debit in your Income statement credit in your balance sheet.
Debit accrued taxesCredit taxes payable
credit because it is a liability.
accrued expense has debit balance like all other expenses.
Accrued expenses are also expenses which are accrued but not paid yet so these are also shown in debit side of trial balance.
Debit in your Income statement credit in your balance sheet.
Debit accrued taxesCredit taxes payable
debit taxes expense and credit taxes payable
credit because it is a liability.
Credit; liability accounts are always credit
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.
Under the liabilities section of the balance sheet?
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income