Rhyolite Corporation incurred $20,000 in utility expense, of which $15,000 was paidin cash and the rest owed on account. What is the correct journal entry?Utility Expense 20,000CashCash15,000Notes Payable 5,000Utlity Expense 20,000CashAccounts Payable 5,00015,000Accounts Payable 5,00015,000Utility Expense 20,000Utility Expense 15,000Deferred Expense 5,000Utility Expense 20,000

Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…

Rhyolite Corporation incurred $20,000 in utility expense, of which $15,000 was paid in cash and the rest owed on account. What is the correct journal entry? O Utility Expense 20,000 Cash Cash Utlity Expense 20,000 Notes Payable 5,000 Cash 15,000 Accounts Payable 5,000 Accounts Payable 5,000 15,000 15,000 Utility Expense 15,000 Deferred Expense 5,000 Utility Expense 20,000 Utility Expense 20,000

Rhyolite Corporation incurred $20,000 in utility expense, of which $15,000 was paid in cash and the rest owed on account. What is the correct journal entry? O Utility Expense 20,000 Cash Cash Utlity Expense 20,000 Notes Payable 5,000 Cash 15,000 Accounts Payable 5,000 Accounts Payable 5,000 15,000 15,000 Utility Expense 15,000 Deferred Expense 5,000 Utility Expense 20,000 Utility Expense 20,000

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

Rhyolite Corporation incurred $20,000 in utility expense, of which $15,000 was paid
in cash and the rest owed on account. What is the correct journal entry?
Utility Expense 20,000
Cash
Cash
15,000
Notes Payable 5,000
Utlity Expense 20,000
Cash
Accounts Payable 5,000
15,000
Accounts Payable 5,000
15,000
Utility Expense 20,000
Utility Expense 15,000
Deferred Expense 5,000
Utility Expense 20,000

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