Revenues and Receivables Accrual Method Examples, Concepts, Illustrations, Sample Help Online
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Meaning of Revenues and Receivables Accrual Method
Accrued revenue means revenue has been earned by the business but has not yet received. Accrued revenue – which may include income that is due in arrears. It is treated as an asset on the balance sheet rather than a liability.
An accrued receivable is either a trade receivable or a non-trade receivable for which a business has earned revenue, but for which it has not yet issued an invoice to the customer.The journal entry to create an accrued receivable is a debit to an accounts receivable account, and a credit to the revenue account.
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Revenues and Receivables Accrual Method Explanation
Sometimes a company chooses either to record revenues either on cash basis or on accrual basis. Under accrual method the company will record all those transactions for which benefit has occurred. Let me explain you this with the help of an example.
Example: Now a company has deposited $500000 in the bank at 5% interest on June 1. Here the company will record the interest amount as accrued for the month of June which it will received at the end of the month. It is recorded as receivables called accrued interest. So, accrued interest account will be credited by $25000 and interest receivables account will be debited by the same amount.
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