Your company is accruing $5,000 of consulting expenses each month for 6 months for services received but not yet paid to the consultant. The consultant (vendor) eventually bills your company for the 6-month period for $33,000. What would be the journal entries posted for all this activity?
Added by James C.
Step 1
This will be done for 6 months. The journal entry for each month will be: Debit: Consulting Expense $5,000 Credit: Accrued Expenses (or Accounts Payable) $5,000 Show more…
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