CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND …

To accrue utilities that are owed but unpaid at the end of the accounting period—debit Utilities Expense and credit Utilities or Accounts Payable. III. Accounting for Accrued Revenue . The accrual of revenue creates assets. Accrued revenue has been earned in the current accounting period but the cash will NOT BE RECEIVED until the next period. ................
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