Jose Consulting General Journal Entry for Utilities Payment
What transaction did Jose Consulting make for the current month?
Jose Consulting paid $660 cash for utilities for the current month. How will this transaction be recorded?
The general journal entry that Jose Consulting will make to record this transaction is:
Debit Utilities Expense $660;
Credit Cash $660.
Based on the information provided, Jose Consulting paid $660 in cash for utilities. To record this transaction in the general journal, the entry would be as follows:
Jose Consulting General Journal Entry for Utilities Payment
Debit: Utilities Expense $660
Credit: Cash $660
This journal entry indicates an increase in Utilities Expense (an expense account) and a decrease in Cash (an asset account) by $660 each.
In conclusion, the general journal entry that Jose Consulting will make to record this transaction is:
Debit: Utilities Expense $660;
Credit: Cash $660.
Recording transactions accurately in the general journal is crucial for maintaining proper financial records and transparency in accounting practices.