What Credit CR and Debit DR Mean on a Balance Sheet

On July 1, the company will reverse this entry (debit to Accrued Payables, credit to Utility Expense). Then, the company theoretically pays the invoice in July, and the entry (debit to Utility Expense, credit to cash) will offset the two entries to Utility Expense in July. Accrued expenses are not meant to be permanent; they […]

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