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    icuraqt_pie's Avatar
    icuraqt_pie Posts: 1, Reputation: 1
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    #1

    Mar 31, 2007, 06:03 AM
    General Journal Transactions
    When doing a general journal for a new business when you receive a phone bill that isn't due yet or your not having to write a check right then do you record that in the journal when you receive it or not until you pay for it?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Mar 31, 2007, 02:31 PM
    When you receive the bill, you would record:
    Dr. Phone Expense XXX
    Cr. Accounts Payable XXX

    When you pay it, you would record:
    Dr. Accounts Payable XXX
    Cr. Cash XXX
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