4 2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries Principles of Accounting, Volume 1: Financial Accounting
Payroll expenses are usually entered as a reversing entry, so that the accrual can be reversed when the actual expenses are paid. An accrued expense is an expense that has been incurred before it has been paid. For example, Tim owns a small supermarket, and pays his employers bi-weekly. In March, Ti...