Question

2. If an accrual is for an expense, the adjusting entry debits and __________ account and credits a(n) __________ account. asset; revenue unearned revenue; revenue expense; asset expense; liability

Answer 1

If an accrual is for an expense, the adjusting entry debits and asset expense account and credit a liabilty.

What is an accrued expense?

Accrued expenses are expenses that are recorded as  account payable under the current liabilities section and it is recorded as an expense in the income statement of a company or individual balance sheet.

Example of accrual accounts is accounts payable and receivable, and future interest expense.

Therefore, If an accrual is for an expense, the adjusting entry debits and asset expense account and credit a liabilty.

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