Unformatted text preview: Adiusdno entries tor accruals are reuuirad to record revenues
I accrued expenses are expenses Incurred but not paid yet. . . . - . . . . expenses
0 A Irainlttv expense account relationship exrsts. . EMS . liabilities 0 Prior to adjustment, liairilities and expenses are understated. ' meg“
. ESSE' . TEUEI'IIJES o The adjusting entnr results in a debit to an expense account . cadences
and a credit to a liaitiliiy account. - llahllmes ...
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- Spring '11