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If a new business starts on the 1st january, and it receives telephone bill for 2100 (for jan and feb) on mar 3, what r the entries to be recorded on jan 31 and feb 28. and What r the other entries associated with this…Should we pass any entries at all on jan and feb month ends for an approximate amount of the telephone bill or something like that…pls help
even when the bill is not received we have to input an amount for telephone bill expense. since we dont have the invoice or bill, we have to take an estimate. this estimate would be based on past invoices, the most recent past invoice. suppose say, you get invoice for 3 months at once. you have to check the last bill received (for 3 months), get the average and put that amt for this month(in ur case jan or feb).
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