At the end of the period, on December 31st, 2013, the Star of the Lake newspaper havent had yet paid its telecommunication bill for the month of December for $345.80 (taxes included).

However, after the company paid this bill during the year 2014, the accountant recorded it as expenses of 2014.

On the other hand, the amount of telecommunication due and unpaid end of 2014 was $367.50. (this amount was not recorded during 2014 as expenses because it was not paid).