How to record Accrued Expense in Journal Entries
Hi, I'm asked to create a new account of Accrued Expenses and record a number of entries such as telephone cost, gas costs etc. I understand that in Journal Entries I'm supposed to debit Accrued Expenses account, but I have no idea which account to credit in the next line because no liabilities have been recorded for these costs. I'm also asked to treat these costs as an expense in this month. Should I record these entries in Journal Entries or write a Cheque?