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Received Telephone Bill, Electricity Bill, Gas, Water Bill, etc., To Be Paid Next Month Journal Entry When a company / corporation Received A Utility Bill (Electricity, Telephone, Gas or Water Bill) to be paid next or following month, the following journal entry is recorded as shown below:                                            Utility Expenses a/c  XXX                                                                                Utility Bill Payable a/c  XXX                                          (Utility Bill Received But Still Due Or Unpaid For The Next Month) So, we debit Utility Expenses Account as it is increased and credit Utility Bill Payable Account (or Accounts Payable Account ) as it is a Current Liability and as we don’t pay our bill, so it is also increased. The Effect Of Received A Utility Bill To Be Paid Next Month Journal Entry On Accounting Equation The effect of this transaction on Accounting Equation is that we deduct the amount of utility e

The Correct Answer Is “True”. So, the statement is “True” as, we debit Work In Process Inventory Account and credit Direct Materials Account in order to transfer or close Direct Materials Account to Work In Process Inventory Account.

The Adjusting Journal Entry to record for Accumulated Depreciation on equipment is shown below: Depreciation Expense Account - Equipment  XXX                                                                                 Accumulated Depreciation a/c - Equipment XXX                                                      (Depreciation On Equipment Recorded For The Period) What Kind Of Account Is Accumulated Depreciation Equipment? Depreciation Expense Account is recorded in Income Statement while Accumulated Depreciation on equipment is a Contra Asset Account and deducted from the cost of Equipment on balance sheet.

What Is Journal Entry To Record Depreciation On Machinery? The correct answer is (C) as the journal entry to record depreciation on machinery is resulted in a debit to Depreciation Expense Account and a credit to Accumulated Depreciation Account for machinery.

The journal entry to record depreciation on factory equipment or machinery is to debit a depreciation on factory equipment or machinery expense account and a credit to Accumulated Depreciation Account for factory equipment or machinery. The entry to record is shown below: Depreciation on Factory Equipment or Machinery Expense a/c  XXX                                                Accumulated Depreciation - Factory Equipment or Machinery a/c  XXX                                           (Depreciation On Factory Equipment Or Machinery Recorded)   Depreciation on Factory Equipment or Machinery Expense Account is recorded in Income Statement while Accumulated Depreciation - Factory Equipment or Machinery Account is a Contra Asset Account which is deducted from the cost of factory equipment or machinery on balance sheet.

The correct answer is (b) as all the costs related to factory except direct material and direct labor are debited to Manufacturing Overhead. So, the cost of depreciation on the factory building incurred during manufacturing facilities is debited to Manufacturing Overhead.