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Usually utilities include gas, electricity, water and sewer, and garbage pick-up. If there is no separate category, you may put phone bills in the utility category but it is better to separate it .
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Is utilities asset or expense?
Expense
Should utilities run through COGS?
If the question is "Should utilities such as power and phone be accounted for through Cost of Goods Sold?" the answer is no. Utilities are an expense.
If gas accrual in Jan 15.00 Feb 15.00 and March 12.00 paid gas bill in march for Jan 25 What are your journal entries for Jan feb march including reversals of accruals accounts payable and payment?
Jan - Debit Utilities Expense $15 Credit Accrued Expenses $15, Jan accrual. Feb - Debit Utilities Expense $15 Credit Accrued Expenses $15, Feb Accrual March - Debit Utilities Expense $12 Credit Accrued Expenses $12, Mar Accrual Feb or March (when bill is received) - Debit Utilities Expense $25 Credit Accounts Payable $25, record gas bill. and Debit Accrued Expenses $15 Credit Utilities Expense $15, reverse Jan accrual. March - Debit Accounts Payable $25 Credit Cash $25, record Check #? (could be posted in Cash Disbursements Journal).
What is fixed expenses?
A fixed expense is an expense that a business or individual is obligated to pay, such as rent or mortgage, utilities, salaries, loans, etc. that cannot decrease over the short term without major changes in resources or facilities
When do you Record an expense as a journal entry?
In accrual accounting, expenses are recorded as you get them, so say receive your Utilities Bill due the next month, you record it immediately.For example I have a $500 Utility Bill it's June 28th, the bill isn't due until say July 15th, the entry would be;Utility Expense (debit) $500Utilities Payable (credit) $500On July 15th when the bill is paid you adjust the entry as follows;Utilities Payable (debit) $500Cash (credit) $500In Cash Basis Accounting the expense isn't recorded on the books until the bill is actually paid and the entry would be;Utilities Expense (debit) $500Cash (credit) $500
Is utilities asset or expense?
Expense
Which of these is an example of a variable expense?
Utilities
Is telephone utilities?
Telephone Expense could be included under Utilities Expense for Financial Statement purposes. However, both telephone and gas/electric are usually substantial enough to warrant their own accounts, along with Other Utilities (water, sewer, etc) - the three accounts being combined as Utilities Expense on the Income Statement.
What is the Journal Entry if a company paid cash for this months utilities?
Debit Utilities expense Credit Cash
Should utilities run through COGS?
If the question is "Should utilities such as power and phone be accounted for through Cost of Goods Sold?" the answer is no. Utilities are an expense.
Where does utilities expense appear on the financial statement?
It typically falls on the income statement under general and administrative expenses.
What percent of the expenses is spent on utilities the utilites are 285 and the total expense is 2339.50?
~12.18%
What is an example of a variable expense?
Any expense which is varying with levels of production is a variable expense. For example, with more production, expenses on raw materials will also increase. Consumption of raw material , thus , is a variable expense.
Is utilities expensive debit or credit?
If revenue (income of money) is a credit, then an expense (outflow of money) is a debit.
If gas accrual in Jan 15.00 Feb 15.00 and March 12.00 paid gas bill in march for Jan 25 What are your journal entries for Jan feb march including reversals of accruals accounts payable and payment?
Jan - Debit Utilities Expense $15 Credit Accrued Expenses $15, Jan accrual. Feb - Debit Utilities Expense $15 Credit Accrued Expenses $15, Feb Accrual March - Debit Utilities Expense $12 Credit Accrued Expenses $12, Mar Accrual Feb or March (when bill is received) - Debit Utilities Expense $25 Credit Accounts Payable $25, record gas bill. and Debit Accrued Expenses $15 Credit Utilities Expense $15, reverse Jan accrual. March - Debit Accounts Payable $25 Credit Cash $25, record Check #? (could be posted in Cash Disbursements Journal).
What is fixed expenses?
A fixed expense is an expense that a business or individual is obligated to pay, such as rent or mortgage, utilities, salaries, loans, etc. that cannot decrease over the short term without major changes in resources or facilities
When This is the monthly budget for the reed family. What percentage of expenses is spent on utilities?
Divide the utility expense by the monthly budget. Multiply the result by 100.
