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what is the treatment for accrued income l expenses in accounting?

Asked by: Interview Candidate | Asked on: Aug 30th, 2011
Showing Answers 1 - 1 of 1 Answers
Mahendra

Answered On : Jul 17th, 2012

Accrued Income- Dr. Accrued Interest Receivable
Cr. Interest Income

at the time of Interest posting: Dr. Customers Account
Cr. Accrued Interest Receivable

Accrued Expenses- Dr. Interest Expenses
Cr. Accrued Interest Payable

at the time of Interest posting: Dr. Accrued Interest Payable
Cr. Customers Account

  
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