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dezoksy [38]
3 years ago
11

A buyer will receive a utilities bill for an estimated $400 at the end of the month. At closing, the seller has used an estimate

d $100 of the bill. What should appear on the closing statement?
Business
1 answer:
MrMuchimi3 years ago
3 0

Answer:

Dr Seller Account $100

Cr Buyer Account      $100

Explanation:

The property sold on 15th of the month by Mr. A to Mr. B and the utility bill received later of this month would be split between Mr. A and Mr. B. The basis for the split of the utility bills would be the share that Mr. A utilized the facilities and in this scenario, it is $100. Hence the buyer Mr. B has receivable of $100 and the seller Mr. A has a liability payable of $100 amount.

Hence the buyer will debit the bill by $100 receivable and the Seller will debit the bill owed to buyer by $100.

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Sveta_85 [38]

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