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[Debit] Accrued income receivable [Credit] Accrued income

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Q: What is the journal entry accrued income?
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Accrued income is income earned but not yet received. The journal is as follow For example: at fisical year end 31/dec/2007 our company from project X has accomplished 70% of the work, where it only invoiced 40%. there fore we say the uninvoiced 30% is accrued income as Accrued income Dr. 30% Sales Cr. 30% Once the company invoices the remaining 30% (no cash recived yet) Accounts recivable Dr. Accrued income Cr. Once cash recived Cash Dr. Accounts recivable Cr.