Respuesta :
Correct answer is false.
When the cash is received at a later time, an adjusting journal entry is made to record the payment for the receivable account. An collected rate is the rate that has been incurred (goods or offerings have been consumed) earlier than the cash payment has been made.
What is an example of an gathered expense?
Any cost you report now however diagram to pay for at a later date creates an gathered price account in your books. An instance of an amassed cost would possibly include: Bonuses, salaries, or wages payable. Unused holiday or ailing days.
What is an accumulated expense in accounting?
Share. Accrued costs are those incurred for which there is no bill or different documentation. They are labeled as modern liabilities, meaning they have to be paid within a contemporary 12-month duration and show up on a company's balance sheet.
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