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    Accounting Project

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    Need help with doing the accrual and cash basis and getting started on project. Obstacle is setting up the project and verifying that the accounting equation balances out. Thanks.

    © BrainMass Inc. brainmass.com February 24, 2021, 2:32 pm ad1c9bdddf
    https://brainmass.com/business/project-management/accounting-project-27914

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    I will try to give some examples of when to use accrual and how to set up the accounting entry.

    If you accured salary expense and the company's year end is December 31, and you cannot pay that accrued salary you will need to do an accrual. See below:

    In December you would:

    Salary Expense ..........Debit
    Salary Payable ...............Credit

    In Jauary you would:

    Salary ...

    $2.19

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