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What is the journal entry for recording accrued expenses?

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Question: What is the journal entry for recording accrued expenses?

Options:

  1. Debit Expense, Credit Cash
  2. Debit Expense, Credit Accounts Payable
  3. Debit Accounts Payable, Credit Expense
  4. Debit Cash, Credit Expense

Correct Answer: Debit Expense, Credit Accounts Payable

Solution: 

Accrued expenses are recorded by debiting the expense account and crediting accounts payable.

What is the journal entry for recording accrued expenses?

Practice Questions

Q1
What is the journal entry for recording accrued expenses?
  1. Debit Expense, Credit Cash
  2. Debit Expense, Credit Accounts Payable
  3. Debit Accounts Payable, Credit Expense
  4. Debit Cash, Credit Expense

Questions & Step-by-Step Solutions

What is the journal entry for recording accrued expenses?
  • Step 1: Identify the expense that has been incurred but not yet paid.
  • Step 2: Determine the amount of the accrued expense.
  • Step 3: Create a journal entry to record the expense.
  • Step 4: Debit the appropriate expense account for the amount of the accrued expense.
  • Step 5: Credit the accounts payable account for the same amount to show that you owe this money.
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