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What adjusting entry needed on december to accrue expense is

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Reference no: EM133010338

Problem 1: On December 31, Lemonade127 Shop received a P23,000 utility bill for December that it will not pay until January 15. The adjusting entry needed on December 31 to accrue this expense is:

Group of answer choices

Option 1: Debit Prepaid Utilities P23,000; Credit Cash P23,000.

Option 2: Debit Utilities Expense P23,000; Credit Prepaid Utilities P23,000.

Option 3: Debit Utilities Expense P23,000; Credit Accounts Payable P23,000.

Option 4: Debit Prepaid Utilities P23,000; Credit Accounts Payable P23,000.

Reference no: EM133010338

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