Accrued Expense Flashcards
1
Q
Expenses incurred but not yet paid or recorded.
A
Accrued Expense
2
Q
Your employees worked in December, but you won’t pay them until January. At the end of December, you need to recognize the salary expense.
A
Debit: Salaries Expense $2,000
Credit: Salaries Payable $2,000
