Question
Recording Accrued Expenses AtoZ Co. incurred $5,000 of utility costs for the month of December 2020 (payment due in January), which are unrecorded at year-end.
Recording Accrued Expenses
AtoZ Co. incurred $5,000 of utility costs for the month of December 2020 (payment due in January), which are unrecorded at year-end.
a. Record the entry for the adjustment on December 31, 2020.
b. Record the payment for the utility costs in January 2021.
| General Journal | |||
|---|---|---|---|
| Ref. | Account Name | Dr. | Cr. |
| a. | CashAccounts ReceivablePrepaid InsuranceEquipmentAccumulated DepreciationAccrued Legal Fee ExpenseDeferred RevenueDividends PayableUtilities PayableNote PayableCommon StockService RevenueDepreciation ExpenseInsurance ExpenseUtilities Expense
|
|
|
| CashAccounts ReceivablePrepaid InsuranceEquipmentAccumulated DepreciationAccrued Legal Fee ExpenseDeferred RevenueDividends PayableUtilities PayableNote PayableCommon StockService RevenueDepreciation ExpenseInsurance ExpenseUtilities Expense
|
|
| |
| b. | CashAccounts ReceivablePrepaid InsuranceEquipmentAccumulated DepreciationAccrued Legal Fee ExpenseDeferred RevenueDividends PayableUtilities PayableNote PayableCommon StockService RevenueDepreciation ExpenseInsurance ExpenseUtilities Expense
|
|
|
| CashAccounts ReceivablePrepaid InsuranceEquipmentAccumulated DepreciationAccrued Legal Fee ExpenseDeferred RevenueDividends PayableUtilities PayableNote PayableCommon StockService RevenueDepreciation ExpenseInsurance ExpenseUtilities Expense
|
| ||
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Accounting History And The Rise Of Civilization, Volume II
Authors: Gary Giroux
1st Edition
163157793X, 9781631577932
