san_brj:  expenses are recorded and reported only (Under Accrual acct) when they are incurred whether or not cash is paid.
2006-10-29 06:40:23

Dee:  first 2 answers are winners, & i agree w/ them.
2006-10-29 06:56:15

snailbaitforsale:  when incurred. Debit to the expense and credit to either cash (if paid) or an accrued expense (if not paid). The subsequent payment (if the expense is accrued) is recorded as a debit to the accrued expense liability and a credit to cash.
2006-10-29 08:16:31

LD:  when they are incurred, whether or not cash is being paid at the time.
2006-10-29 08:33:42

Kelly:  In accrual accounting, expenses are recognized when they are incurred, whether or not cash is paid ? yes when they are incurred and paid at the same time ? yes if they are paid before they are incurred ? no, they are recorded as prepaid expenses, which falls under assets if they are paid after they are incurred ? see first question - when you close the books before you pay the expenses, you must record it as a liability. your entry will be debit expenses and credit accounts payable.
2006-10-29 10:08:02