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    jessval24's Avatar
    jessval24 Posts: 8, Reputation: 1
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    #1

    Oct 15, 2008, 02:09 PM
    Adjusting journal entry
    On Dec. 28th Victor received the utility bill for the month of December. He has not yet paid it but plans to pat it on Jan 5th. It was for $280. Do I debit utility expense for 280 and credit accounts payable for 280? But because the adjusting entries are required at Dec 31... do I not cr or dr either because he isn't paying it until jan?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 15, 2008, 05:27 PM

    You would Debit Utilities Expense and Credit Accounts Payable for the amount.
    jessval24's Avatar
    jessval24 Posts: 8, Reputation: 1
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    #3

    Oct 15, 2008, 05:57 PM
    Do I debit and credit it for $280?
    muslimrao's Avatar
    muslimrao Posts: 34, Reputation: 2
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    #4

    Oct 18, 2008, 04:27 AM
    Yes !
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