An employee earns \$120 per day. If the last pay date was December 27th and the fiscal period ends on December 31st, what is the accrued wage expense?

What happens to accrued expenses when they are paid in cash in the next period?

Which of the following is true about prepaid expenses?

How does paying accrued expenses affect the financial statements?

Why is the matching principle important when recording accrued expenses?

What are accrued expenses classified as in accounting?

How does the matching principle affect the recording of accrued expenses?

What is the effect of paying accrued expenses on the cash account?

An employee earns \$200 per day and worked 5 unpaid days at the end of the fiscal period. How should this be recorded?

Create a journal entry for an accrued rent expense of \$800.