Question
Asked Sep 30, 2019
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A payroll of $100,000 was earned for work perform by construction workers tru December 31,2010. The payroll was due to be paid on January 6,2011. Make the requred Accrual entry.

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Expert Answer

Step 1

Definition of Accrued Expenses:

Accrued Expenses is an expenses which has been incurred but not yet paid. Expenses must recorded in the accounting period in which it is incurred. Therefore accrued expenses must be recognized in the accounting period in which it is occur rather than in a following period in which it will be paid.

Step 2

Rule:

As expense will be debited to record the accrued expenses, a corresponding payable must be created to account for the ...

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Expense (Income Statement) Expense payable (Balance sheet) Debit Credit

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