On December 31,2015 Carmack Company Received a $215 Utility Bill

question 84

Multiple Choice

On December 31,2015 Carmack Company received a $215 utility bill for December that it will not pay until January 15.The adjusting entry needed on December 31 to accrue this expense is:

• A)Debit Utilities Expense $215;credit Accounts Payable $215.
• B)Debit Accounts Payable $215;credit Utilities Expense $215.
• C)Debit Prepaid Utilities $215;credit Cash $215.
• D)Debit Utilities Expense $215;credit Prepaid Utilities $215.
• E)Debit Prepaid Utilities $215;credit Accounts Payable $215.

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Definitions:

College Education

College education refers to the post-secondary learning experience offered by colleges and universities, leading to the award of a degree, diploma, or certificate.

Law of Parsimony

A principle that suggests when faced with competing hypotheses, the one that makes the fewest assumptions should be selected.

Fewest Constructs

Refers to employing the minimum number of conceptual or theoretical tools necessary to effectively understand and interpret a phenomenon or data set.

Dependent Variable

In experimental and observational studies, it is the variable being tested and measured, which is hypothesized to be affected by one or more independent variables.