Originally Posted by selby
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 havent 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....