Cash Management Question:
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What is the treatment for accrued income l expenses in accounting?
Answer:
Accrued Income- Dr. Accrued Interest Receivable
Cr. Interest Income
at the time of Interest posting: Dr. Customers Account
Cr. Accrued Interest Receivable
Accrued Expenses- Dr. Interest Expenses
Cr. Accrued Interest Payable
at the time of Interest posting: Dr. Accrued Interest Payable
Cr. Customers Account
Cr. Interest Income
at the time of Interest posting: Dr. Customers Account
Cr. Accrued Interest Receivable
Accrued Expenses- Dr. Interest Expenses
Cr. Accrued Interest Payable
at the time of Interest posting: Dr. Accrued Interest Payable
Cr. Customers Account
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