Able Graphics Received a $400 Utility Bill for the Current $\begin{array}{|l|l|l|}\hline \text { No journal entry is required } & & \\\hline & & \\\hline\end{array}$

question 178

Short Answer

Able Graphics received a $400 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Able Graphics make to record this transaction?
A)
$\begin{array}{|l|l|l|}\hline \text { No journal entry is required } & & \\\hline & & \\\hline\end{array}$
B)
$\begin{array}{|l|r|r|}\hline \text { Utilities Expense } & 400 & \\\hline \text { Cash } & & 400 \\\hline\end{array}$
C)
$\begin{array}{|l|r|r|}\hline \text { Utilities Expense } & 400 & \\\hline \text { Accounts Payable } & & 400 \\\hline\end{array}$
D)
$\begin{array}{|l|r|r|}\hline \text { Accounts Payable } & 400 & \\\hline \text { Utilities Expense } & & 400 \\\hline\end{array}$
$$\begin{array}{l}\text { E) }\\\begin{array} { | l | r | r | } \hline \text { Cash } & 400 & \\\hline \text { Utilities Expense } & & 400 \\\hline\end{array}\end{array}$$

• A)
• \(\begin{array}{|l|l|l|}
• \hline \text { No journal entry is required } & & \\
• \hline & & \\
• \hline
• \end{array}\)
• B)
• \(\begin{array}{|l|r|r|}
• \hline \text { Utilities Expense } & 400 & \\
• \hline \text { Cash } & & 400 \\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|l|r|r|}
• \hline \text { Utilities Expense } & 400 & \\
• \hline \text { Accounts Payable } & & 400 \\
• \hline
• \end{array}\)
• D)
• \(\begin{array}{|l|r|r|}
• \hline \text { Accounts Payable } & 400 & \\
• \hline \text { Utilities Expense } & & 400 \\
• \hline
• \end{array}\)
• \[\begin{array}{l}
• \text { E) }\\
• \begin{array} { | l | r | r | }
• \hline \text { Cash } & 400 & \\
• \hline \text { Utilities Expense } & & 400 \\
• \hline
• \end{array}
• \end{array}\]

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Definitions:

Bottom-Up Approach

A strategy that begins at the grassroots level or with specific details and works up towards broader, comprehensive solutions or understandings.

Multidisciplinary Teams

Groups composed of professionals from different specialties working together towards a common goal, often used in healthcare, research, or project management contexts.

Community Involvement

Participation by individuals or groups in activities and discussions aimed at improving the welfare and objectives of their community.

Competencies of Collaboration

The essential skills, knowledge, and attitudes required to work effectively within teams and partnerships towards common goals, emphasizing communication, mutual respect, and shared decision-making.