Multiple Choice
On September 30,Forester Inc.receives its electric bill for the month of September in the amount of $300.The accountant sets the bill aside since it is not due until October 25.How would Forester record this transaction?
A) Debit Utilities Expense for $300 and credit Cash for $300.
B) Debit Utilities Expense for $300 and credit Accounts Payable for $300.
C) Debit Accounts Payable for $300 and Debit Utilities Expense for $300.
D) Debit Accounts Payable for $300 and credit Cash for $300.
E) Debit Cash for $300 and credit Utility Expense for $300.
Correct Answer:
Verified
Correct Answer:
Verified
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