Respuesta :
Answer:
Explanation:
The journal entry to record the accrued expense is shown below:
Example:
Wages expenses A/c Dr XXXXX
To wages payable A/c XXXXX
(Being the accrued expenses is recorded)
While recording the wages expenses, we debited the accrued expenses as it increases the expenses account and credited the wages payable account as the liabilities account is also increased
An adjusting entry for accrued expenses involves a debit to an expense and a credit to a liability account.
What is adjusting entry?
Adjusting entries are made in journal entries especially when the financial year ends in order to make final adjustments. Thus, the expenses and revenues are recorded for the actual time period of their occurrence.
How the adjustment entry for an expense is recorded?
Wages expense A/c Dr.
To wages payable A/c
Hence, the recording of accrued expenses has to be made as soon as it arises as it is a liability to the business.
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