Accrued expenses
Accrued salaries refers to the amount of liability remaining at the end of a reporting period for salaries that have been earned by employees but not yet paid to them. This information is used to determine the residual compensation liability of a bus...
How Do You Record Adjustments for Accrued Revenue?
Accrued revenue is recorded in the financial statements through the use of an adjusting journal entry. The accountant debits an asset account for accrued revenue which is reversed when the exact amount of revenue is actually collected, crediting accr...
Understanding Accrued Expenses vs. Accounts Payable
The cash method is the most simple in that the books are kept based on the actual flow of cash in and out of the business. Incomeis recorded when it's received, and expenses are reported when they're actually paid....