A company paid $230 for its telephone bill. Prepare the general journal entry for this transaction.

Tech and Engineering Customer relationship management

Question:

Telephone Bill:

Telephone bill is bill made for the landline phones, fax, cell phones during the business hours. The journal entry for the telephone bill is that the telephone bill is debited and the cash is credited. The telephone expense is the nominal account and so it recorded in the income statement of the organization.

Answer and Explanation:1

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Journal entry is as follows:

Date	Account and explanation	Debit	Credit
	Telephone Bill	230
...

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A company paid $230 for its telephone bill. Prepare the general journal entry for this transaction. | Homework.Study.com (2024)

FAQs

What is the journal entry for telephone bills paid? ›

The journal entry for the telephone bill is that the telephone bill is debited and the cash is credited. The telephone expense is the nominal account and so it recorded in the income statement of the organization.

Learn More ›

How do you record telephone expenses in accounting? ›

One option is to categorize the telephone as a communication expense. This would include any costs associated with the phone itself, as well as any monthly service fees. This would be a reasonable categorization for a business that uses the telephone primarily for business purposes.

See Details ›

What account is debited when a company pays for a phone bill? ›

Answer and Explanation: A cash payment decreases the cash assets, and as assets decrease on the credit side, the cash account must be credited. Expenses are contra-equity accounts that increase on the debit side, so the telephone expense account must be debited in this transaction.

View Details ›

Is a telephone a debit or credit? ›

Telephone Expense is debited and Cash is credited.

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What is the correct journal entry for the transaction paid the telephone bill? ›

Explanation: The correct journal entry for the transaction 'PAID THE TELEPHONE BILL' is: debit Telephone Expense and credit Cash.

Show Me More ›

What is the journal entry for a bill? ›

For the journal entry, you can document the total amount due from the invoice as a debit in the accounts receivable account. You also list the total amount due from the invoice as a credit in the sales account. Because of this, these entries are beneficial in a double-entry accounting system.

Show Me More ›

What type of expense is a telephone bill? ›

For businesses, telephone expenses are typically considered an operating expense. In financial accounting, telephone expenses are typically reported on the income statement during the period in which they are incurred.

Learn More ›

Is a telephone bill an expense or liability? ›

So, your phone bill is an accrued expense, because it refers to calls you've already made but will only be invoiced at the end of the month. While they're called expenses, since they refer to future bills, accrued expenses are a form of debt and are listed as liabilities on your balance sheet.

Read On ›

Is a phone bill an operating expense? ›

Operating vs.

Postage, telephone bills, and general office supplies shared by all departments also typically are not classified as operating expenses. Instead, these general expenses are considered administrative costs.

Read The Full Story ›

What is it called when a company pays for your phone bill? ›

A cell phone stipend is a sum of money employers provide to employees to pay for their cell phone plans. Sometimes, employers provide a lump sum or an annual allowance. Many employers, however, choose a monthly or quarterly allowance.

What account is telephone bill an example of? ›

Nominal Accounts

Electricity Expenses, Telephone Expenses, Interest Received, Profit on the Sale of Machines, etc.

Get More Info Here ›

Is a phone bill a company expense? ›

Your cellphone as a small-business deduction

If you're self-employed and you use your cellphone for business, you can claim the business use of your phone as a tax deduction. If 30% of your time on the phone is spent on business, you could legitimately deduct 30% of your phone bill.

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What is the journal entry of paid telephone bill? ›

Telephone charges are an expense and when it is reduced it is debited. Bank and cash is our asset and when we pay the charges it is reduced which decreases it and hence it will be credited. When an asset increases it is debited and when it decreases it is credited.

Which account does telephone charges come under? ›

Answer: The telephone expense is reported on the income statement being an expense. The statement of profit and loss considers all the income and expenses incurred during the year to determine the net income earned during the year.

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Is the telephone bill an account payable? ›

A Guide To Accounts Payable Entries For Small Businesses. Bills payable are business documents that show the amount owing for goods and services sold on credit. Bills payable can include service invoices, phone bills and utility bills.

Read On ›

What does telephone bill fall under in Accounting? ›

Utilities: This category could cover all expenses related to the operation of the business, including electricity, water, gas, and telephone.

Get More Info Here ›

What is the journal entry for paying utilities bill? ›

The journal entry to record the payment of a monthly utility bill would include a debit to Utilities Expense and a credit to Cash. Thus,correct option is C. Explanation: The journal entry to record the payment of a monthly utility bill involves two accounts: Utilities Expense and Cash.

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What is the journal entry for paid bill on account? ›

When payment is made against an account, such that the entry in the accounts payable of a company's books is no longer outstanding, it is referred to as paid on account. Payments made on account decrease accounts payable as a debit entry to the account.

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What is the entry of bills payable in the journal? ›

What Is a Journal Entry For Accounts Payable? Accounts Payable Journal Entries refer to the amount payable in accounting entries to the company's creditors for the purchase of goods or services. They are listed as current liabilities on the balance sheet, and any payments made are deducted from this account.

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A company paid $230 for its telephone bill. Prepare the general journal entry for this transaction. | Homework.Study.com (2024)

Question:

Telephone Bill:

Answer and Explanation:1

Become a member and unlock all StudyAnswers

Ask a question

Search Answers

Learn more about this topic:

Related to this Question

Explore our homework questions and answers library

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FAQs

What is the journal entry for telephone bills paid? ›

What account is telephone bill an example of? ›