At the End of the Month,the Business Receives a Bill $$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

question 38

Essay

At the end of the month,the business receives a bill for utility expenses of $800 incurred during the month.The business will pay the bill during the following month.Please provide the journal entry (debits first,credits second.)
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

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Definitions:

Transactions Recorded

The process of documenting financial or commercial activities to maintain an accurate account of business operations.

Accounting Equation

A fundamental principle in finance representing the relationship: Assets = Liabilities + Equity.

Assets

Resources owned or controlled by a company, expected to produce future economic benefits.

Equity

The value of an ownership interest in property, including shareholders' equity in a business.