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Accrual

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Accrual

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by John Moffat.
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  • July 2, 2021 at 3:25 pm #626845
    rinna2345
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hi, I am having some difficulty figuring out the double entry in May. When we received the invoice does it mean we immediately pay in cash? How do I record the double entry in May?

    Question :
    Jan to Apr 2020 we accrued advertising expense of $ 100/month, in May 2020 we received the whole year invoice amounting to $1,200. Please prepare Jan-Dec 2020 journals.

    your help will be much appreciated.

    July 2, 2021 at 4:24 pm #626849
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    When the May invoice is paid, the entry is Cr Cash and Dr advertising, and the existing accrual is removed by Dr accruals Cr advertising.

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