I do you journalize a bill received but will not be paid until next month?
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I do you journalize a bill received but will not be paid until next month?
Is it this?
Accrued utility expense debit
Cash credit
Debit Utility Expense for the amount
Credit Utility Payable for the amount
When the bill is paid:
Debit Utility Payable for the amount
Credit Cash for the amount
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