Entity H received a cellphone bill that it paid immediately. The journal entry to record this...
Entity H received a cellphone bill that it paid immediately. The journal entry to record this transaction will include:
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a debit to Prepaid Utilities and a credit Cash |
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a debit to Utility Expense and a credit to Accounts Payable |
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a debit to Utility Expense and a credit to Cash |
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a debit to Prepaid Utilities and a credit to Accounts Payable |
Homework Answers
Answer
3rd Option
debit to Utility Expense and a credit to Cash.
The expense paid immediately and not creating any liabilities.
Telephone bill not a prepaid expense it is a Post paid.
So Expese debited and Cash Paid Credited
Reason For Other Options wrong
1St Option
Its not a Prepaid expense. Telephone bill is postpaid so not creating any Prepaid Expese
2nd option
Cash paid immediately and not creating any liabilities in books
4th Optiion
Not created liability. Expense paid immediately.
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Entity H received a cellphone bill that it paid immediately. The
journal entry to record this...
Question 38 12 points) The corporation received a utility bill; the bill will be paid next...
Question 38 12 points) The corporation received a utility bill; the bill will be paid next month. The corporation produces monthly financial statements. The journal entry to record this transaction is debit Utilities Expense; credit Accounts Receivable. debit Utilities Expense; credit Cash. debit Accounts Payable; credit Utilities Expense. debit Utilities Expense; credit Accounts Payable.
A business received the current month's utility bill for $2,125, and immediately paid it. Which journal...
A business received the current month's utility bill for $2,125, and immediately paid it. Which journal entry is prepared? A.Debit Utilities Payable for $2,125 and credit Cash for $2,125. B.Debit Utilities Expense for $2,125 and credit Cash for $2,125. C.Debit Operating Expense for $2,125 and credit Accounts Payable for $2,125. D.Debit Accounts Payable for $2,125 and credit Cash for $2,125.
1) Entity G rendered $1,400 of services to a customer on account. The journal entry to...
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A company receives a utility bill each month for services received. The company's policy is to pay the utility bill...
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Requirement 1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable;...
Requirement 1. Record each transaction in the journal, using
the following account titles: Cash; Accounts Receivable; Office
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Payable; Utilities Payable; Notes Payable; Common Stock;
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Utilities Expense. Explanations are not required. (Record debits
first, then credits. Exclude explanations from journal
entries.)
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opened: Cash, 101; Accounts Receivable, 111; Office Supplies,
121; Prepaid Insurance, 131; Land, 141; Building, 151;
Furniture,...
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Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry...
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1700 of supplies on account....
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction...
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction should be recorded as follows on the payment date: Multiple Choice Debit cash $1030, credit utilities expense $1030. O Debit utilities expense $1,030, credit cash $1,030. o Debit accounts payable $1,030, credit cash $1,030. o o Debit cash $1,030, credit accounts payable $1,030.
Review the journal entry and explain what the probable transaction would be requiring the entry and...
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Question 9 Browse Books, Inc., received and paid its utility bill of $250. As the accountant,...
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Question 38 12 points) The corporation received a utility bill; the bill will be paid next month. The corporation produces monthly financial statements. The journal entry to record this transaction is debit Utilities Expense; credit Accounts Receivable. debit Utilities Expense; credit Cash. debit Accounts Payable; credit Utilities Expense. debit Utilities Expense; credit Accounts Payable.
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill within 30 days of receipt. On December 31, 2021, the company receives a utility bill of $4,200 for the month of December and plans to pay the bill by January 30, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice ) Debit Utilities Expense and credit Cash for $4,200 O Debit Utilities Expense...
Requirement 1. Record each transaction in the journal, using
the following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts
Payable; Utilities Payable; Notes Payable; Common Stock;
Dividends; Service Revenue; Salaries Expense; Rent Expense; and
Utilities Expense. Explanations are not required. (Record debits
first, then credits. Exclude explanations from journal
entries.)
Requirement 2. The following four-column accounts have been
opened: Cash, 101; Accounts Receivable, 111; Office Supplies,
121; Prepaid Insurance, 131; Land, 141; Building, 151;
Furniture,...
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Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1700 of supplies on account....
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction should be recorded as follows on the payment date: Multiple Choice Debit cash $1030, credit utilities expense $1030. O Debit utilities expense $1,030, credit cash $1,030. o Debit accounts payable $1,030, credit cash $1,030. o o Debit cash $1,030, credit accounts payable $1,030.
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