The reversing entry in the general journal and posting it to the general ledger
Hi I need to know How I can post reversing etry in to the general ledger ?
For example if I have
The business last paid a water bill in May, which was for 3 months of water expense up to the end of April. The additional accrual entry for water expense for the last two months is $2,290.
And I want to write the reversing entry on 1st of Jun
Is this write ?
Water expense incurred but not paid ref DR CR
Jun 1 Water Payable 222 $1,145
Jun 1 Water Expense 542 $1,145
And If I want to post it in the ledger
Account: Water Payable
Account No. 222
Date Description Ref. DR CR Balance
May 31 Balance $1,030 CR
Jun 1 Water Expense GJ $1,145 $115 DR
AND
Account: Water Expense
Account No. 542
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun 1 Water Payable GJ $1,145 $1,145 CR
Are these all correct?
Can you please help me I'm confused. I don't know if this is right.
Thanks