Expenses and Payables Accrual Method Examples, Concepts, Illustrations, Sample help Online

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Understanding the meaning of Expenses and Payables Accrual Method

Generally, a business records expenses for the accounting period in which it is incurred and not when it is paid. Therefore, accrued expense is an expense which has been incurred but not yet paid. As it is an expense it will be debited to record the accrued expense and a payable account is created to show the credit side. The accounting entry for accrued expense will be as follows

Accrued Expense a/c Dr.
To Expense Payable a/c

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Expenses and Payables Accrual Method Explanation

This can be well understood with help of following example.
Example: Suppose Mr. X a trader pays $5000 as rent of the shop for the month of June on July 1. Then Mr. X will record the rent as an accrued expense for the month of June. So, the accounting entry will be as follows
Accrued Rent a/c Dr. $5000
To Rent Payable a/c $5000
And Mr. X will pass another accounting entry in the month of July after when the rent is paid.

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