Accrued Expenses (Accrued Liabilities) Worksheet With Answers Page 7
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11Accrued Expenses (Accrued Liabilities)
Problem VI.
Fill in the blanks.
1. An accrued expense is one that has been
but not
.
2. An expense is accrued by debiting a(n)
account and
crediting a(n)
account.
3. An adjusting entry to accrue an expense (increases/decreases) net income.
4. An expense recorded as incurred but not paid is presented as a(n)
on the balance sheet.
Problem VII.
Record the adjusting entries and any transaction entries on December 31 for
each of the following:
1. On December 31, 19X1, FaCo incurs wage expense of $8,000 for
December 29-31 that has not been either recorded or paid.
2. Rent for December of $2,300 will be paid on January 2.
3. Of the $1,000 in commissions payable on December 31, only $400 was
paid.
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