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


  
Total Answers and Comments: 2 Last Update: September 14, 2009     Asked by: shanid 
  
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 Best Rated Answer
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Submitted by: amagdy
 

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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Prathap.e, mahatma
April 20, 2009 18:07:36   #1  
amagdy Member Since: April 2009   Contribution: 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.


 
Is this answer useful? Yes | NoAnswer is useful 2   Answer is not useful 0Overall Rating: +2    
September 13, 2009 09:55:42   #2  
chinnaguntupalli Member Since: September 2009   Contribution: 15    
RE: Accruals Entries

It is an entry to create provision for unaccounted expenses in the current month for which services/goods already recieved.


 
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Read Answers (1) | Asked by : shanid
If there is oustanding payments, we have to pass accural enteries. So what are the enteries for accurals? 
Latest Answer : It is an entry to create provision for unaccounted expenses in the current month for which services/goods already recieved. ...
Read Answers (2) | Asked by : shanid
What are the journal entries that will be passing from the Goods received till the payment made to an supplier? 
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