A company incurred $2,000 for utilities for the last month of the year.The company has not paid this bill yet.Choose the TRUE statement.
A) $2,000 should be reported on the income statement as Utilities Expense.
B) Nothing should be reported about this in the current year's financial statements.
C) $2,000 should be reported as Accounts receivable on the Balance Sheet at the end of the year.
D) $2,000 should be reported as Utilities Expense on the Balance Sheet at the end of the year.
Correct Answer:
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