Question

Write the December 31st Adjusting journal entry if there is one. Indicate with (adj.) the adjusting...

Write the December 31st Adjusting journal entry if there is one. Indicate with (adj.) the adjusting entry and put the date of the adjusting entry if there is one. 7. The gas bill for December came in on the 18 th of the month for $75. Due to the festivities of the holiday season the bill sat on a desk and was not paid until January 8th of the New Year.

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Answer #1

As we know that an adjusting entry is made at the end of an accounting period for the items which has been occurred but actual payment is not made.

Thus for gas bill of $75 an adjusting entry will be made because gas bill was not paid until December 31.

Date

Accounts Title & Explanation

Debit

Credit

Dec. 31

Gas (Utilities) Expenses

$75

     Gas (Utilities) Expenses Payable

$75

(Adjusting entry for gas or utilities expenses)
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