When a Business Records an Accrued Utility Liability,the Utilities Expense

question 8

True/False

When a business records an accrued utility liability,the Utilities Expense account is credited.

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Definitions:

Paying

The process of distributing money in exchange for goods, services, or to settle debts.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the correct periods.

Seller

An individual or entity that offers goods or services in exchange for payment.

Financial Statement

Publications detailing a corporation's financial health, encapsulating the balance sheet, income statement, and cash flow statement.