fill in the Received the electricity bill for the month totaling $22,500. That was for the electricity used throughout September. The bill will be paid at month-end when CC Jen does her month-end accounting. You questioned the senior accountant about recording a bill now when it’s just going to simply be paid within a few days. She reminded you about Generally Accepted Accounting Principles (GAAP). GAAP requires expenses to be recognized when they are incurred, not necessarily when they are paid. how to enter in journal ledger
