Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 17 - No. 43)
What will be the entry for a direct debit for electricity payment?
Debit Electricity, Credit Bank
Debit Bank, Credit Electricity
Debit Cash, Credit Electricity
Debit Electricity, Credit Cash
Explanation
The company records electricity expense by debiting it, and the bank account by crediting it.
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