Accrued commission is commission that builds up over time. Commission is what you earn, usually a percentage, from a sale of something.
Adjusting entry as follows: [Debit] Cash / bank [Credit] Accrued commission
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
Yes, prepaid rent is accrued.
Debit Accrued Interest Expense Credit Accrued Interest Payable
Adjusting entry as follows: [Debit] Cash / bank [Credit] Accrued commission
debit commission receivablecredit commission income
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued traveling expenses [Credit] Accrued expenses payable
Accrued expense refers to an expense that has been incurred but not yet paid. Examples of accrued expense items might be interest that has accrued on an outstanding note that has not been paid, and taxes that have accrued but not yet been paid.
Yes, prepaid rent is accrued.
Debit Accrued Interest Expense Credit Accrued Interest Payable
Accrued expenses or accrued sundry expenses are those expenditure which are incurred during the specific time but the payment not to be paid with in that specific time that are called the accrued expenses or accrued sundary expenses. Accrued expenses are also called outstanding Expense.This will be the liablity of the owner and shown in the liablity side of the balance sheet.
debit accrued expensescredit cash / bank
Accrued expenses are entered as liabilities in the general ledger. Debit expense and credit accrued liability.