Question

define accrued income.what is its adjusting entry?

Answer 1

Answer:

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Explanation:

Journal Entry for Accrued Income. It is income earned during a particular accounting period but not received until the end of that period. It is treated as an asset for the business. Journal entry for accrued income recognizes the accounting rule of “Debit the increase in assets” (modern rules of aconting)

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Answer 2

lAccrued income (or accrued revenue) refers to income already earned but has not yet been collected. When a company has performed services or sold goods to a customer, it should be recognized as income even if the amount is still to be collected at a future date.