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 Expense36,000?
?  Utilities Payable?36,000
(b)No Entry??

Business

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Indicate whether the statement is true or false

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Answer the following statement true (T) or false (F)

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What will be an ideal response?

Business