The transaction where Livingston company pays utilities of $2,500 in cash, this transaction would be recorded as a Debit to Utilities Expense $2,500 and a Credit to Cash $2,500.
What is an utilities?
It refers to the cost consumed in a reporting period related to electricity, heat, sewer, water expenditures etc. These expenses are necessary for running the business and are variable costs that change based on consumption.
The category is also associated with some expenditures for ongoing telephone and internet service.
In conclusion, this transaction would be recorded as a Debit to Utilities Expense $2,500 and a Credit to Cash $2,500.
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