Prior To The Adjusting Process, Accrued Revenues Have Been

 

Prior to the adjusting process, Accrued Revenues have been earned but not recorded as revenues as these are earned by the business by delivering goods to customers or rendered services to clients or customers but still these are not recorded in relevant ledger’s accounts.

For example, Accrued Rent is an income receivable for the company as the company provided rent facilities to tenant during the accounting period but the payment is still not received from tenant against such facilities.

The accrued revenue adjusting entry is recorded at the end of the accounting period as shown below:

                                      Accrued Revenue a/c  XXX

  

                                                                         Revenues a/c  XXX

  

                                                    (Revenues Accrued for the Period)

 

 

Accrued revenus is a current asset and shown on the balance sheet.