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Question:  Accruals Entries

Answer: If there is oustanding payments, we have to pass accural enteries. So what are the enteries for accurals?


April 04, 2009 18:07:36 #1
 amagdy   Member Since: April 2009    Total Comments: 1 

RE: Accruals Entries
 

According to matching principle, all expenses and revenue must be recorded at the period where they are realised. So to create accrual we debit the expense for example recording telephone expenses that was not passed to the GL we debit tele exp and credit Accrual payable.

     

 

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