debit telephone expenses
credit expenses payable
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
Debit accounts payableCredit cash / bank
[Debit] Utility bill 160 [Credit] Cash 160
Electrycity bill A/C Debit To Cash A/C Credit
debit electricity billcredit bank
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
To record the telephone bill, the journal entry would be: Debit Telephone Expense (income statement account) for the amount of the bill, and Credit Accounts Payable (balance sheet liability account) for the same amount if the bill is to be paid later, or Credit Cash (balance sheet asset account) if the bill is paid immediately.
Debit accounts payableCredit cash / bank
[Debit] Utility bill 160 [Credit] Cash 160
Electrycity bill A/C Debit To Cash A/C Credit
[Debit] Tax paid [Credit] Cash / bank
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
debit electricity billcredit bank
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
capital
Debit cash / bankCredit paid in capital
telephone