How to record Accrued Expenses?

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HOW TO RECORD ACCRUED EXPENSES?
As mentioned in the video on youtube.com/watch?v=1zRz-EjBfDA&t=0s an accrual is an adjustment to match the expenses used in a period. Accruals play a vital role to make sure that the financial records show a true and fair reflection of an organisation and its activities. An accrued expense is where the amount paid is lower than the amount of expenses incurred. The amount still owing is accrued and since it actually belongs to this current period it must be added to the amount already paid. This follows the principle for treating accruals, whereby accruals you add and for prepayments you deduct.

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