selby
Feb 13, 2007, 02:05 PM
Hi everyone
This is the current entry...
Paid electricity expense of $860, previously recorded as unearned revenue.!
I knew the first entry which was electricity we haven't paid and the entry is accured expense
Debit-Electricity expense
Credit- electricity account payable.
Now I have to settle the above entry which we have to pay the electricity expense.so
Debit - electricity a/c payable
Credit- Cash.
My question is how about the electricity expense from the last period of 860 which is still appear from the last trial balance how we close that off...
This is the current entry...
Paid electricity expense of $860, previously recorded as unearned revenue.!
I knew the first entry which was electricity we haven't paid and the entry is accured expense
Debit-Electricity expense
Credit- electricity account payable.
Now I have to settle the above entry which we have to pay the electricity expense.so
Debit - electricity a/c payable
Credit- Cash.
My question is how about the electricity expense from the last period of 860 which is still appear from the last trial balance how we close that off...