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What is the journal entry to record accrued expenses?

Practice Questions

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

Questions & Step-by-Step Solutions

What is the journal entry to record 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: Open your accounting software or ledger.
  • Step 4: Create a journal entry.
  • Step 5: In the journal entry, debit the appropriate expense account for the amount of the accrued expense.
  • Step 6: In the same journal entry, credit the Accounts Payable account for the same amount.
  • Step 7: Review the journal entry to ensure accuracy.
  • Step 8: Save or post the journal entry to record the accrued expense.
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