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What is the journal entry for recording accrued expenses at year-end?

Practice Questions

Q1
What is the journal entry for recording accrued expenses at year-end?
  1. Debit Expense, Credit Cash
  2. Debit Cash, Credit Expense
  3. Debit Expense, Credit Accounts Payable
  4. Debit Accounts Payable, Credit Expense

Questions & Step-by-Step Solutions

What is the journal entry for recording accrued expenses at year-end?
  • Step 1: Identify the expense that has been incurred but not yet paid by the end of the year.
  • Step 2: Determine the amount of the expense that needs to be recorded.
  • Step 3: Create a journal entry to reflect this expense. You will debit the Expense account to show that you have incurred an expense.
  • Step 4: Credit the Accounts Payable account to show that you owe this amount and have not yet paid it.
  • Step 5: Review the journal entry to ensure it accurately reflects the expense and the corresponding liability.
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