Accrued income is reported as a current asset such as accrued receivables, accrued revenues, or part of accounts receivable.

The amount of the accrued income will also increase the corporation's retained earnings. This occurs because the accrual adjusting entry included a credit to a revenue account—thereby increasing the corporation's net income.

Learn Bookkeeping: Gain unlimited access to our bookkeeping seminar videos, bookkeeping proficiency exams, bookkeeping cheat sheet, visual tutorials, and more when you upgrade to PRO.