Question

On Dec 28th Victor received the Utility bill for the month of December. He has not yet paid it but plans to pay it on January 5th. It was for $280. What do i debit and credit to utility expense and utilities?

Answer 1

i think you debit the utilitie expense and credit cash because you are going to pay cash, which cash is decreasing so it goes on the credit side.

Answer 2

thanks would i debit $280?