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Utility is considered an expense, not a liability. It represents the cost of services like electricity, water, or gas consumed during a specific period. While unpaid utility bills can create a liability on the balance sheet, the expense itself reflects the consumption of utilities within a given timeframe.
What else can I help you with?
Is rent expense a liability?
rent is an expense while outstanding rent is a liability
Is a drawing account an expense or liability?
an expense
Are utility expenses a selling or administrative expense?
an Administrative expense
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is utility expense is a credit or debit?
An increase in any expense is a debit entry, so if your were recording the amount paid for a utility expenditure, the entry would be: Dr Utility expense (representing an addition to this expense account) Cr Cash (representing an outflow (decrease) in cash)
Is depreciation expense an asset or liability?
Depreciation expense is neither an asset or liability. It is an expense.
Is rent expense a liability?
rent is an expense while outstanding rent is a liability
Is a drawing account an expense or liability?
an expense
Is a Payment for a vehicle Loan Liability considered an Expense that would show up in my monthly expense report in my Quicken XG 2004?
Yes payment of loan liability is your expense decreasing the liability as well as asset from which you are paying the loan liability.
Are utility expenses a selling or administrative expense?
an Administrative expense
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is expense a asset or liability?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is utility expense is a credit or debit?
An increase in any expense is a debit entry, so if your were recording the amount paid for a utility expenditure, the entry would be: Dr Utility expense (representing an addition to this expense account) Cr Cash (representing an outflow (decrease) in cash)
Is an accrual expense a liability?
yes
Is sales commission a current liability or an expense?
If sales commission is payable in future time then it is current liability but if it is paid already then it is expense.
Why is outstanding expense is credited in outstanding expense account?
Because it is a liability for business
