A company receives a $700 utility bill for the current month but does not plan to pay the bill until early next month. Record the receipt of the utility bill using (a) accrual-basis accounting and (b) cash-basis accounting.
What will be an ideal response?
| (a) | Utilities Expense | 36,000 | ? |
| ? | Utilities Payable | ? | 36,000 |
| (b) | No Entry | ? | ? |
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What will be an ideal response?