A Brewing Company Operating in an Ontario City Experiencing Water

question 40

Multiple Choice

A brewing company operating in an Ontario city experiencing water shortages received its water bill for December 2013,on December 31,2013.The bill ($8,000) represents the cost of water used in December to make its product.The company will not publish the 2013 financial statements until February 2014.Therefore,the adjusting entry as of December 31,2013 includes which of the following?

• A) cr. utilities payable $8,000
• B) cr. cash $8,000
• C) cr. utilities expense $8,000
• D) no adjusting entry needed because the bill will not be paid until January 2014

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