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You said in your lecture that year-end that if we wrongly estimate the accruals by underestimate then we need to charge more expense at the first day of next year.
The double entry would be:
DR Telephone expense
CR AccrualsHowever if we wrongly overestimate the accruals then we need to reverse the accrual at the first day of next year.
The double entry would be:
DR Accruals
CR Telephone expenseIs that correct?
However
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