Analogous techniques are also used for expenses that are pre-paid.
If you have to pay out down six months of rent in advance, that is treated as an "accrued asset."
At the time of payment, you Debit Prepaid Rent for the amount paid that is a Credit to Cash.
While this puts an unfortunate dent in the Cash account, it does show on the books as an asset, and there are no more payments to make for the next six months.
Each month, the balance in Prepaid Rent would be down via Debit Rent Expense, Credit Prepaid Rent.
Similarly, companies collect payroll taxes on behalf of employees, and keep them in a special bank account.
That money is not the company's, so there is a Debit to the Cash account on one side, and a Credit to an Accrued Liability, namely, Payroll Taxes Payable, on the other side.
When the quarterly check to the Government so that they can make their payroll, Payroll Taxes Payable drops as does the balance in the Checking Account.