Need help on how to record payment by cash to accrued liabilities in BS at the same time credit to P&L expenses? This is about electricity bills. (I have successfully recorded Hire purchase account with suspense interest, the other day) but this time I cannot get through with the same method.
I have bills on May 15 amounted to RM200 and in June RM800, however, I only make the payment on July 10 for RM200. I want my account to show the actual report, how do I record this?
Please help. Many thanks in advance