Question

The entry made at the end of the accounting period to record wages incurred but unpaid is:________

Answer 1

The entry made at the end of the accounting period to record wages incurred but unpaid is Accrued expenses, An expense that is recorded on the books before it has been paid is referred to as an accumulated expense, also known as accrued liabilities.

The accounting period in which the expense is incurred is used to record it. Accrued expenses are listed as current liabilities on a company's balance sheet since they represent a company's obligation to make future cash payments. An estimated expense may not match the supplier's invoice, which will arrive at a later time.

According to the accrual method of accounting, costs are recorded as incurred rather than as paid when they are actually incurred.

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