Loading

Module 1: Balance day adjustments

Note di Apprendimento
Study Reminders
Support
Text Version

Set your study reminders

We will email you at these times to remind you to study.
  • Monday

    -

    7am

    +

    Tuesday

    -

    7am

    +

    Wednesday

    -

    7am

    +

    Thursday

    -

    7am

    +

    Friday

    -

    7am

    +

    Saturday

    -

    7am

    +

    Sunday

    -

    7am

    +

XSIQ
*

Accounting - Accrued expenses

Accrued expenses

Pay day

In this example wages have been paid for the three months ending of $3600.
At 31 March there is $300 owing.

The accrued expenses are a current liability.

DATE
ACCOUNTS
DEBIT
CREDIT

31 Mar.
Wages
300

Accrued wages

300

Wages owing

31 Mar.
Profit and Loss a/c
3 900

Wages

3 900

Wages posted to Profit and Loss a/c

1 Apr.
Accrued wages
300

Wages

300

Reversing entry

31 Mar.
Bank
3 600

Accrued wages
300

Profit and Loss a/c
3 900

3 900

3 900

1 Apr.
Accrued wages
300

1 Apr.
Wages
300
31 Mar.
Wages
300

31 Mar.
Wages
3 900

Previous | Next