Accruals and accounts payable refer to accounting entries in the books of a ... subscription is recognized on the company's income statement as accrued revenue in the month the service was ...

while deferrals refer to prepaid expenses and unearned income. Both types of entries are used to record revenues and expenses before the cash transaction has occurred. In accrual accounting ...

One financial accounting method businesses use is the payroll journal entry. Payroll journal entries record your ... These may include federal and state income taxes, federal unemployment tax (FUTA), ...