Journal Entry and Ledger Posting for Telephone Expenses incurred but not yet paid

Telephone Expenses are the expenses which is paid to Telephone Service Provider(either Government or Private Companies) by an Individual or Business unit during an Accounting period, against use of their Service provided.

Let's discuss how to pass Journal Entry and post them into their respective Ledger Account, when Telephone Expenses incurred but not yet paid.

When Telephone Expenses incurred but not yet paid, the affected Ledger Accounts are :

Debit Ledger : 

• Telephone Expenses Account

Credit Ledger :

• Telephone Expenses Payable Account

Journal Entry

Ledger Posting

In Telephone Expenses Ledger Account

In Telephone Expenses Payable Ledger Account

Example :

In the Books of M/s.Trimurthy Traders, Bill No.112233 for ₹715/- received from BSNL on dt.31/03/2022 towards Telephone Expenses for the month of March' 2022.

Pass necessary Journal Entry and post them into their respective Ledger Account.

In the above transaction, Ledger Accounts involved are :

Debit Ledger : 

• Telephone Expenses Account

Credit Ledger :

• Telephone Expenses Payable Account

Journal Entry

Ledger Posting

In Telephone Expenses Ledger Account.

In Telephone Expenses Payable Ledger Account.