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The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
When at the end of an accounting period cash has not been paid with respect to an expense that has been incurred the business should then record?
When cash has not been paid for an incurred expense at the end of an accounting period, the business should record an accrued expense. This entry recognizes the obligation to pay in the future and ensures that the expense is matched with the revenue it helped generate, adhering to the accrual accounting principle. The accrued expense will appear as a liability on the balance sheet until it is paid.
What is the journal entry to set up an accrued expense?
Debit accrued expensesCredit expenses payable
What is the accounting entry for sales return under warranty?
The accounting entry for sales return under warranty is the accrued warranty liability. This entry is written under warranty expense.
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
When at the end of an accounting period cash has not been paid with respect to an expense that has been incurred the business should then record?
When cash has not been paid for an incurred expense at the end of an accounting period, the business should record an accrued expense. This entry recognizes the obligation to pay in the future and ensures that the expense is matched with the revenue it helped generate, adhering to the accrual accounting principle. The accrued expense will appear as a liability on the balance sheet until it is paid.
What is accounting entry for directors fees?
The accounting entry for directors' fees typically involves recording an expense and a liability. When the fees are incurred, you would debit the Directors' Fees Expense account and credit the Accrued Liabilities or Accounts Payable account. This reflects the expense recognized in the income statement while acknowledging the obligation to pay the directors. Upon payment, you would then debit the Accrued Liabilities or Accounts Payable and credit Cash or Bank.
What is the journal entry to set up an accrued expense?
Debit accrued expensesCredit expenses payable
What is the journal entry to reverse an accrued expense?
Payable Account XXX Expense Account XXX
Journal entry to record an accrued vacation expense?
Though I have never heard the term "accrued vacation expense" nor have I ever heard of a "vacation" being a business expense, however, the journal entry would be handled like most "payables". So if your company uses the account of Accrued Vacation Expense, the journal entry should be something like....Vacation Expense (debit) $XXXAccrued Vacation Expense (credit) $XXXOnce the amount is paid, a debit would be recorded in the Accrued Vacation Expense account and a credit to Cash, to remove it from the books and note that the debt (or expense) has been met.
What is The general term employed to indicate an expense that has not been paid and has not yet been recognized in the accounts by a routine entry?
The general term for an expense that has not been paid and has not yet been recognized in the accounts is "accrued expense." Accrued expenses are recorded in the accounting period in which they are incurred, even if payment has not yet been made. This practice ensures that financial statements reflect all incurred liabilities, adhering to the accrual basis of accounting.
What is the journal entry for accrued expense?
basic salary 21967 / salary of September
When does an accrued expense have to be paid?
An accrued expense is an accounting expense that is recognized in the books but has not yet been paid. It is usually a current expense. An accrued expense is paid when the due date for payment has reached, for example, wages are accounted for in the books before they are paid, but are usually paid either on a monthly or weekly basis depending on the policies of the company.
