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When an entry is made in the general journal. The journal entry to record sale of services on credit should include. The journal entry to record the payment of monthly utility bill would include. The journal entry to record the performance of service for cash would include. The journal entry to record receipt of cash from credit clients on account would include. The journal entry to record withdrawals of cash by Sue Snow know the owner to pay a personal utility bill would include.
When something is paid in advance and must be expensed over one or more months in the future, accounting professionals must properly record the expense in a timely manner. The normal method for making this monthly entry is to use a journal entry (debit expense, credit prepaid expense). Advertisement. Many businesses make use of one Prepaid Expenses asset account in which several prepaid expenses commingle.