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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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QUESTION Caviler Company determines that it cannot collect a total of $500 from a customer. Using the allowance method, the journal entry to write off the amount would be: ANSWER Date Date Date Date Accounts Accounts Receivable Allowance for Bad Debts Accounts Bad Debts Expense Accounts Receivable Accounts Accounts Receivable Bad Debts Expense Accounts Debit Credit 500 500 Debit Credit 500 Debit Credit 500 500 500 Debit Credit 11:35 PM

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		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.