Alerts
Wishlist
Cart
Sign In
Categories
Current Affairs & GK
Current Affairs
Show All Current Affairs & GK
eBooks
General Aptitude
Arithmetic Aptitude
Data Interpretation
Show All General Aptitude
General Knowledge
Basic General Knowledge
General Science
Show All General Knowledge
Medical Science
Anatomy
Biochemical Engineering
Biochemistry
Biotechnology
Microbiology
Show All Medical Science
Technical
Database
Digital Electronics
Electronics
Networking
Show All Technical
Verbal and Reasoning
Logical Reasoning
Verbal Ability
Verbal Reasoning
Show All Verbal and Reasoning
›
What is the journal entry for recording accrued expenses at year-end?
What is the journal entry for recording accrued expenses at year-end?
Expand All
Collapse All
Practice Questions
1 question
Q1
What is the journal entry for recording accrued expenses at year-end?
Debit Expense, Credit Cash
Debit Cash, Credit Expense
Debit Expense, Credit Accounts Payable
Debit Accounts Payable, Credit Expense
Show Solution
Copy
The correct entry is to debit Expense and credit Accounts Payable to recognize expenses incurred but not yet paid.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the journal entry for recording accrued expenses at year-end?
Solution:
The correct entry is to debit Expense and credit Accounts Payable to recognize expenses incurred but not yet paid.
Steps: 5
Show Steps
Step 1: Identify the expense that has been incurred but not yet paid by the end of the year.
Step 2: Determine the amount of the expense that needs to be recorded.
Step 3: Create a journal entry to reflect this expense. You will debit the Expense account to show that you have incurred an expense.
Step 4: Credit the Accounts Payable account to show that you owe this amount and have not yet paid it.
Step 5: Review the journal entry to ensure it accurately reflects the expense and the corresponding liability.
Related Questions
I
If a company has a net income of $250,000 and total revenue of $1,000,000, what
Question: If a company has a net income of $250,000 and total revenue of $1,000,000, what is the pro..
A
A business incurs a loss of 15% on selling a product for $425. What was the cost
Question: A business incurs a loss of 15% on selling a product for $425. What was the cost price?Opt..
I
If a product is sold for $240 after a discount of 20%, what was the original pri
Question: If a product is sold for $240 after a discount of 20%, what was the original price?Options..
I
If a company has total assets of $1,000,000 and total liabilities of $600,000, w
Question: If a company has total assets of $1,000,000 and total liabilities of $600,000, what is the..
A
A firm has a current ratio of 2:1 and current liabilities of $50,000. What are t
Question: A firm has a current ratio of 2:1 and current liabilities of $50,000. What are the current..
‹
Biology (School & UG)
Chemistry (School & UG)
Civil Engineering
Commerce & Accountancy
Computer Science & IT
Current Affairs & GK
Data Structures & Algorithms
eBooks
Electrical & Electronics Engineering
English (School)
General Aptitude
General Knowledge
General Knowledge & Current Affairs
Languages & Literature
Law & Legal Studies
Major Competitive Exams
Mathematics (School)
Mechanical Engineering
Medical Science
Physics (School & Undergraduate)
Quantitative Aptitude & Reasoning
Social Science (School)
Technical
Verbal and Reasoning
Vocational & Skill Development
›
Soulshift Feedback
×
On a scale of 0–10, how likely are you to recommend
The Soulshift Academy
?
0
1
2
3
4
5
6
7
8
9
10
Not likely
Very likely
✕
↑
