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A company receives a $800 utility bill for the current month but does not plan to pay the bill until early next month. Record the
A company receives a $800 utility bill for the current month but does not plan to pay the bill until early next month.
Record the receipt of the utility bill using (a) accrual-basis accounting and (b) cash-basis accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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