Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 18 - No. 36)
When making adjusting entries for accrued expenses, which accounts are usually affected?
An expense account.
A liability account.
An asset account.
A revenue account.
Explanation
Accrued expenses recognize expenses incurred but not yet paid, impacting an expense account and a liability account (e.g., Salaries Expense and Salaries Payable).
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