Received And Paid Telephone Bill Journal Entry
Received And Paid Bill For Telephone Service Journal Entry When the company or corporation received bill for telephone service from supplier of telephone services, then it creates a Current Liability ( Utilities Payable Account ) for the corporation as the corporation still not paid to supplier of telephone services. Telephone Expense which is an example of Utilities Expense Account is also created. To make journal entry for received and paid telephone bill, we can record either one single entry or two journal entries i.e., One for received and other for paid telephone bill but the result will be the same under both ways. Example, A corporation received and paid telephone bill of Rs. 10000 for telephone services. What is the journal entry? Single Journal Entry Method: Telephone Expense a/c ...