NK Designer In: Category - Journal EntriesWhat is paid telephone bill journal entry?journal entrypaid telephone bill ShareFacebook1 AnswerVotedRecent Palak 2020-08-30T12:25:21+05:30Added an answer on August 30, 2020 at 12:25 pm A company incurs several expenses arising from its operating activities. For example, rent, rates, taxes, telephone bills, electricity bills, etc. It is important to record the same in the books of accounts to ascertain the true financial position of a company.Journal entry for paid telephone billThe telephone charges a/c is debited and the respective cash or bank a/c is credited.1. According to the golden rules of accounting:Telephone charges a/cDebitDebit all expenses and lossesTo Cash a/cCreditCredit what goes out(being telephone bill paid)2. According to the modern rules of accounting:Telephone charges a/cDebitDebit the increase in expenseTo Cash a/cCreditCredit the decrease in asset(being telephone bill paid)ExampleABC Ltd. paid the telephone bill amounting to 10,000. The journal entry in the books of ABC Ltd is as follows:Telephone charges a/cDebit10,000To Cash a/cCredit10,000(being telephone bill paid)Hope this helps.0Reply Share ShareShare on FacebookShare on TwitterShare on LinkedInShare on WhatsAppLeave an answerCancel replyYou must login or register to add a new answer.