Accrued Liabilities | How to Record Accrued Liabilities?

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WallStreetMojo
Published at : 14 Dec 2020
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In this video on Accrued Liabilities, here we discuss its practical examples (Starbucks). Here we also learn Accrued Liabilities journal entries with examples and its importance.

๐–๐ก๐š๐ญ ๐š๐ซ๐ž ๐€๐œ๐œ๐ซ๐ฎ๐ž๐ ๐‹๐ข๐š๐›๐ข๐ฅ๐ข๐ญ๐ข๐ž๐ฌ?
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Accrued liabilities are those expenditures that have not been paid under accounts payable; in other words, it is the company's obligation to pay for goods and services received but not yet received invoices.

๐„๐ฑ๐š๐ฆ๐ฉ๐ฅ๐ž ๐จ๐Ÿ ๐€๐œ๐œ๐ซ๐ฎ๐ž๐ ๐‹๐ข๐š๐›๐ข๐ฅ๐ข๐ญ๐ข๐ž๐ฌ
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The accrued liabilities example include the following

#1 - Accrued Interest
#2 - Accrued Payroll
#3 - Accrued Services
#4 - Accrued Wages
#5 - Accrued Utilities

๐€๐œ๐œ๐ซ๐ฎ๐ž๐ ๐‹๐ข๐š๐›๐ข๐ฅ๐ข๐ญ๐ข๐ž๐ฌ ๐‰๐จ๐ฎ๐ซ๐ง๐š๐ฅ ๐„๐ง๐ญ๐ซ๐ฒ
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#1 - When the expense is incurred

Organization incur the expense and own debt in a specific accounting period but have not yet been charged. We need to record this expense in books of accounts as an accrued liability.

Debit Expense

Credit Expense Payable

๐„๐ฑ๐š๐ฆ๐ฉ๐ฅ๐ž ๐จ๐Ÿ ๐€๐œ๐œ๐ซ๐ฎ๐ž๐ ๐‹๐ข๐š๐›๐ข๐ฅ๐ข๐ญ๐ข๐ž๐ฌ ๐‰๐จ๐ฎ๐ซ๐ง๐š๐ฅ ๐„๐ง๐ญ๐ซ๐ฒ
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A business has an annual building rent of 15000, but the owner did not receive an invoice and therefore the rental expenses were not recorded in the accounting books.

Account Debit Credit
Rent Expense 2000
Accrued Expense 2000
Total 2000 2000

To know more about ๐€๐œ๐œ๐ซ๐ฎ๐ž๐ ๐‹๐ข๐š๐›๐ข๐ฅ๐ข๐ญ๐ข๐ž๐ฌ, you can go to this ๐ฅ๐ข๐ง๐ค ๐ก๐ž๐ซ๐ž:- https://www.wallstreetmojo.com/accrued-liabilities/

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accrued liabilitieswhat is accrued liabilitiesaccrued liabilities journal entry

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