What is the journal entry for recording accrued expenses at the end of the accou

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Question: What is the journal entry for recording accrued expenses at the end of the accounting period?

Options:

Correct Answer: Debit Expenses, Credit Accounts Payable

Solution:

The correct entry is to debit Expenses (increasing expenses) and credit Accounts Payable (increasing liabilities).

What is the journal entry for recording accrued expenses at the end of the accounting period?

What is the journal entry for recording accrued expenses at the end of the accounting period?

Step 1: Identify the expense that has been incurred but not yet paid at the end of the accounting period.
Step 2: Determine the amount of the accrued expense that needs to be recorded.
Step 3: Create a journal entry to reflect this expense. You will debit the Expenses account to show that expenses have increased.
Step 4: At the same time, credit the Accounts Payable account to show that you now owe this amount, increasing your liabilities.
Step 5: Review the journal entry to ensure it accurately reflects the accrued expense.

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