If you write a check to pay a utility bill in the accural basis system, what is your debited account? cash......accounts payable....utilities payable.......petty cash.
If payable was already been set up (whick is most likely under accrual system), Debit. Payable (ie, utilities payable, wage payable, etc.)
If you establish a payable for a utility invoice in the accural basis of accounting, what accounts are effected?
The accounts affected are the expense account and the liability account. ie. Debit. Utilities Expense; Credit. Utilities Payable
What do you need to reconcile a general ledger account?
Please elaborate more on this.
Linear Mode
