and pays the expense in February 2016. (S. O. "I think when you mention the "Benefits section" you are talking … Premiumqualityessay.com is a unique service that provides guidance with different types of content. Accrued Expenses is a term used in accounting where the expense is recorded in the books before it is paid for; while, accounts payable is the amount that the company has to pay in the short term to the creditors. 5) An accrued expense can best be described as an amount: A. We use the same anti-plagiarism software as most of the universities do – each paper is 100% unique! B)paid and not currently matched with earnings. An accrued expense is an expense that has been incurred, but for which there is not yet any expenditure documentation. The adjusting entry should be made as follows: debit the appropriate expense account, and credit the … Adjusting entries occur at the end of the accounting period and affect one balance sheet account (an accrued liability) and one income statement account (an expense). The amount you will be adding was not already on the books. These are listed in order of liquidity, from cash (the most liquid) to land (least liquid). Typical accrued expenses include utility, salaries, and goods and services consumed but not yet billed. ___________. Make the appropriate adjusting entry. An accrued expense can best be described as an amount. An accrued expense such as accrued wages can best be described as an amount? Accrued Expenses vs. Accounts Payable Infographics. B. nature of any future transactions planned between the parties and the terms involved. Critical Differences Between Accrued Expenses and Accounts Payable. It is usually a current expense. Accrual accounting attempts to match revenues and the expenses associated with those revenues in order to determine net income for an accounting period. A. paid and currently matched with earnings. D)not paid and currently matched with earnings. An accrued expense can best be described as an amount paid and currently matched with earnings.B. 1.) At the end of 2015, X accrues the $20,oo0 accrued insurance liability (and the corresponding insurance expense). Beginning and ending balances of accounts receivable were ... A. dollar amount of the transactions for each of the periods for which an income state-ment is presented. Our friendly support team is always online to address any issues and concerns! When coding supplier invoices for entry into the accounting system, obtain written approval from the assistant controller that a billing should be … Accrued expense is an expense that is incurred but not yet paid. Accrued Expenses. You can have accrued expenses or accrued revenues: Accrued Revenues are when a revenue has been earned (we did the work or made a sale) but it has not been recorded in our books. An accrued expense refers to when a company makes purchases on credit and enters liabilities in its general ledger, acknowledging its obligations to its creditors. during the period were $80,000, then total sales would be 2) When an item of revenue is collected and recorded […] The following procedure shows a consistent way of charging these items to expense.. 5. $28,000 and $36,000, respectively. A.) When the books are closed at the end of a financial period, that owed interest needs to be recognized (accrued). No third party will ever find out that you are getting help from our College Essay Writing Service! Acc 421 final exam university of phoenix final exams study guide 1) an accrued expense can best be described as an amount 2) when an item of revenue is collected and recorded in ad. not paid and not currently matched with earnings, paid and not currently matched with earnings. Asset (A) Anything the company owns that has monetary value. Have a questions? +1 (646) 948-6038, https://premiumqualityessay.com/wp-content/uploads/2019/09/logo-3-300x75.png, An accrued expense can best be described as an amount. deferred expense: A deferred expense or prepayment, prepaid expense, is an asset representing cash paid out to a counterpart for goods or services to be received in a later accounting period. If collections from customers A typical example is interest owed on a loan. Example of an Accrued Expense. 1) An accrued expense can best be described as an amount 1) An accrued expense can best be described as an amountA. Accrued expenses are recorded in estimated amounts, which may differ from the real cash amount paid or received later. 47. It is treated as liability until the expense is paid. b. collected and not currently matched with expenses. Do not hesitate to ask. An Accrued Expense Can Best Be Described As An Amount _______________. Not Paid And ... not paid and currently matched with earnings, b.) Reach us on WhatsApp, Email, or Call us, support@premiumqualityessay.com & C. not paid and currently matched with earnings. You can simply put this on an "expense" check, when you pay it out, such as at year end, you determine what is affordable. D. paid and not currently matched with earnings. Accrued Expenses. It is to be noted that the cash paid in … An accrued expense is an accounting expense that is recognized in the books but has not yet been paid. View desktop site. Order 6 or more pages and get 40% off! 1.) c. not paid and not currently matched with earnings. finance 1) An accrued expense can best be described as an amount A. paid and currently matched with earnings. A.) A team of expert college essay writers is always ready to get rid of your headaches and deliver quality writing within the tightest deadlines! Prepaid expenses are expenditures that have not yet been consumed, and so are capitalized for a short period of time. In place of the expenditure documentation, a journal entry is created to record an accrued expense, as well as an offsetting liability (which is usually classified as a current liability in the balance sheet). I covered this. An accrued revenue can best be described as an amount Select one: a. not collected and not currently matched with expenses. In accounting, it is an expense incurred but not yet paid. B. not paid and not currently matched with earnings. X files its 2015 tax return on March 15, 2016. 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