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
Electrycity bill A/C Debit To Cash A/C Credit
[Debit] Utility bill 160 [Credit] Cash 160
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.
telephone bill acto cashWhen you receive the bill, but have not paid it, which is done in accrual accounting but not cash basis, the entry is:Telephone Expense (debit) $$$Telephone Expense Payable (credit) $$$Once the bill is actually paid, even then it is removed from the payable with the following entryTelephone Expense Payable (debit) $$$Cash (credit) $$$If you are paying the bill as you receive it, the only difference is skipping the payable account and debiting the expense account and crediting the cash in a single entry:Telephone Expense (debit) $$$Cash (credit) $$$
Debit accounts payableCredit cash / bank
Electrycity bill A/C Debit To Cash A/C Credit
[Debit] Utility bill 160 [Credit] Cash 160
[Debit] Tax paid [Credit] Cash / bank
debit electricity billcredit bank
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
telephone
capital
Debit cash / bankCredit paid in capital