Question: Current Attempt in Progress If a utility service bill has not been received at the end of the accounting period, but utilities were used during
Current Attempt in Progress
If a utility service bill has not been received at the end of the accounting period, but utilities were used during the period, then
it is optional whether to record the expense before the bill is received.
an expense should be recorded when the cash is paid out.
an adjusting entry should be made to recognize the expense in the current period.
an expense should be recorded in the next accounting period when the bill is received.
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