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You are an accountant for a large grocery store chain with average monthly sales of approximately...

You are an accountant for a large grocery store chain with average monthly sales of approximately $135M. It is the last day of the month and an employee from another department informs you of an expense for $20M that your company has not yet been billed for and tells you not to worry about it right now since you are busy. What will you do with this information and why?

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Answer #1

The unbilled Expense of $20M results overstatement of Income, leads to distorted financial position.

It requires to pass an Adjusting entry to record the accrued expense.

The Adjusting Entry is as follows

Debit------------------------Expense Account--------------$20 M

Credit-----------------------Expense Payable----------------$20 M

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