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Russell Co. received a $520 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. What is the general journal entries will Russell Co. make to record the receipt of the bill?

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hyderali230

Answer:

Journal Entry to reflect the event is as follow;

                                  Dr.       Cr.

Utility Expense       $520

Utility bill payable              $520

Explanation:

Utility bill is received it means the expense is accrued and it is not due until the month end so a liability will be created and will be paid next month.

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