Income Due

Question 1

What is income due?

Answer 1

Accrued income, an amount due that has not been received by the end of the financial year

Question 2

What is the double entry for income due?

Answer 2

Debit ‘income due’ (current asset)

Credit the source of income on the income statement (e.g increase rent receivable)

Question 3

Does accrued income increase or decrease the item on the income statement?

Answer 3

Increases