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If an adjusting entry is not made for an accrued revenue what will be overstated?
Wiki User
∙ 13y ago
accrued revenue is acc. receivable control, which is an asset. if it is not made, the assets will decrease. Eq=A-L, A drop, and then Eq will decrease.
accrued revenue can be category of sales revenue too, so if sales drop, P=I-Ex,
P will decrease
the only thing will increase is L and Ex when comparing with A P or I.
Wiki User
∙ 13y ago
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If an adjusting entry is not made for an accrued expense?
If adjusting entry not made then profit will be overstated while the expenses will be understated.
To make an adjusting entry for the accrued commission is what?
Adjusting entry as follows: [Debit] Cash / bank [Credit] Accrued commission
What is journal entry for accrued service revenue?
debit accounts receivableCredit services revenue
What is the Utility expenses incurred but not paid adjusting entry?
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
What is the correct journal entry for accrued receivable?
debit accounts receivablecredit sales revenue
If an adjusting entry is not made for an accrued expense?
If adjusting entry not made then profit will be overstated while the expenses will be understated.
To make an adjusting entry for the accrued commission is what?
Adjusting entry as follows: [Debit] Cash / bank [Credit] Accrued commission
What is journal entry for Accrued Revenue?
Accrued Revenue is a term that I rarely see, though it is an Asset and should be treated as such. Accrued Revenue would be treated similar to an Account Receivable. The Journal Entry would be a Debit to Accrued Revenue and a Credit to Revenue.
What is journal entry for accrued service revenue?
debit accounts receivableCredit services revenue
What would the journal entry be to record an accured revene?
[Debit] Revenue receivable [Credit] Accrued revenue
What is the Utility expenses incurred but not paid adjusting entry?
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
What is the correct journal entry for accrued receivable?
debit accounts receivablecredit sales revenue
What Pairs of accounts could not appear in the same adjusting entry?
service revenue and unearned revenue
The rental revenue represents the amount received for 11 months for use of the dining facilities The December rent has not yet been paid What is the adjusting journal entry?
Rent Dr Rent Accrued Cr (for the Dec month)
An adjusting entry would adjust revenue so it is reported when earned and not when cash is received.?
True
An adjusting entry would adjust revenue so it is reported when earned and not when cash is received?
True
Is it true that in recording the adjusting entry for accrued taxes both accounts involved are increased?
No, in recording the adjusting entry for accrued taxes, one account is increased while the other account is increased. The accrued taxes payable account is increased to record the liability for the taxes that has been earned but not yet paid, and an expense account (such as taxes expense) is also increased to reflect the amount of taxes that has been incurred.
