Lang Company owes $50,000 in utilities at Dec 31, but the invoice has not been received or paid by the company at Dec 31. What journal entry needs to be made for these utilities at Dec 31st? No entry needs to be made since the invoice has not been received Debit Utilities Expense $50,000 and Credit to Accounts Payable $50,000 Debit Accounts Receivable $50,000 and Credit to Accounts Payable $50,000 Debit Utilities Expense $50,000 and Credit to Accounts Receivable $50,000 Assets, $50,000 decrease; equity $50,000 decrease.
Lang Company owes $50,000 in utilities at Dec 31, but the invoice has not been received or paid by the company at Dec 31. What journal entry needs to be made for these utilities at Dec 31st? No entry needs to be made since the invoice has not been received Debit Utilities Expense $50,000 and Credit to Accounts Payable $50,000 Debit Accounts Receivable $50,000 and Credit to Accounts Payable $50,000 Debit Utilities Expense $50,000 and Credit to Accounts Receivable $50,000 Assets, $50,000 decrease; equity $50,000 decrease.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Lang Company owes $50,000 in utilities at Dec 31, but the invoice has not been received or paid by the company at Dec 31. What
|
No entry needs to be made since the invoice has not been received |
||
|
Debit Utilities Expense $50,000 and Credit to Accounts Payable $50,000 |
||
|
Debit |
||
|
Debit Utilities Expense $50,000 and Credit to Accounts Receivable $50,000 |
||
|
Assets, $50,000 decrease; equity $50,000 decrease. |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education