On December 31, 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 Prepaid Utilities $215.
B. Debit Utilities Expense $215; credit Accounts Payable $215.
C. Debit Prepaid Utilities $215; credit Cash $215.
D. Debit Prepaid Utilities $215; credit Accounts Payable $215.
E. Debit Accounts Payable $215; credit Utilities Expense $215.
Answer: B
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