How do you enter accrued expenses in the general ledger?

Question

Muhammad Ismail Farooqi ACCA Member · Answer

accued expenses are expenses incurred but not accounted for.
it is entered in the period in which it is incurred.
Apply matching and prudence concept.

Maimoona Moidu · Answer

Accrued expenses are expenses that have occurred but not yet recorded through the normal processing of transactions.
Accrued expenses are entered as liabilities in the general ledger.
Debit the expense and credit the accrued liability.

Musa Muhammad Dandikko · Answer

Accrued expenses are estimates in the accounts of a business of liability that is not supported by an invoice or a request for payment at thevtime the accounts are being prepared.

We have to debit expenses account and debit the accrued expenses with the amount.

Ghulam Mustafa · Answer

Accrued expenses are entered as liabilities in the general ledger.
Debit expense and credit accrued liability.

MALIIK SOHAIL ABBAS · Answer

YES ENTRY OF ACCREUED EXPENSES BEIG MADE BCOZ THE ACRRUAL HAS BEEN ENTERED IN ACRRUED EXPENSES SHEET LIKE GAS , ELECTRICITY PHONE CAHRGES TRATED AS LIBILITY

EXPENSE A/C

ACCRUED EXPENSE A/C

(TELEPHONE , GAS ETC)

Mohan Cherian · Answer

Journal Entry is

Expenses A/c Dr XXXXX P & L

To Accured Expenses XXXX Balance Sheet Liability

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How do you enter accrued expenses in the general ledger?

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