[dmw53]

Could you please advise the entries required for:-
Q1. Total of accrued income for 6mths is $5000- to bring the current months amt into Profit and Loss what jnl is required

Q2. Jnl required to accrue wages for the current month for the value of $10,000
Thank you

[morgaine300]

ALL accrued revenues are a debit to an appropriate receivable account and a credit to an appropriate revenue account.

Accrued revenue means a revenue that is earned (and therefore will be recorded on the books) but the money has not been received yet (therefore a receivable.)

ALL accrued expenses are a debit to an appropriate expense account and a credit to an appropriate payable account.

Accrued expense means an expense that has been incurred (and therefore will be recorded on the books) but the money has not been paid yet (therefore a payable).

Notice there's a pattern here... meaning you should be able to do any accrued revenue and any accrued expense, because they work exactly alike.