Here are the Wages Payable and Wages Expense ledgers AFTER the adjusting entry has been posted. An expense is a cost of doing business, and it cost $4,000 in wages this month to run the business. When company completes the work and issues an invoice, they have to record actual revenue. Adjusted Trial Balance An accountant makes adjustments for revenue that's been earned but not yet recorded in the...
Forex Trading
Accrued revenue vs accounts receivable is different because customer invoicing hasn’t occurred yet when accrued revenue is recorded. For both open accounts receivable and accrued revenue, cash hasn’t been received yet from the customer. When customer cash is received after the customer pays their accounts payable balance, make the following journal entry to increase cash and reduce the accounts...