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On december 31, year 3 snack, inc. Adjusted its records to recognize $5,000 of accrued salaries. Based on this information alone, the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.
Recognizing an accrued expense implies that the corporate recognizes the expense within the current accounting period accrued salaries and can purchase the expense may be a subsequent accounting period.
As a result, liabilities increase. Accrued expense. When expenses are accrued, this implies that an accrued liabilities account is increased, while the number of the expense reduces the retained earnings account. Thus, the liability portion of the record increases, while the equity portion declines. Cash payment.
Collecting cash for services to be provided within the future is an asset source transaction. The asset accrued salaries account (cash) and therefore the liability account (unearned revenue) increase.
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