Write Off Accrued Liabilities Journal Entry
Writti ng off accrued Liab ilities jour nal entries mea ns to close down or remove Accrued liab ilities or Accrued Expenses Accounts from b usi ness records , offset or cancel t he effects of previously recorded adjusti ng jour nal entries. T here are two methods to ca ncel t he effect of accrued lia b ilities accou nt w hich are give n b elow: 1. By Recordi ng Reversing Entry 2. By Recordi ng Write Off Jour nal Entry For Accrued Liab ilities 1. For first method, we record a Reversing Entry at t he start of new accounting for previously recorded adjusting entry of accrued liab ilities a nd t he n record t he e ntry for actual amount paid. W he n we record accrued liab ilities, the n following adjusti ng entry is recorded for any accrued liab ility as show n b elow: Expe nses a/c XXX ...