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119) Russell Co. 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 Russell Co. make to record the receipt of the bill? A) Utilities Expense 400 Accounts Receivable 400 B) Cash Utilities Expense

400

C) Utilities Expense Accounts Payable

400

D) Accounts Payable Utilities Expense

400

400

400

400

E) No journal entry is required. Answer: C Difficulty: 2 Medium Topic: Analyzing Transactions; Journal Entries Learning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements.; 02-P1 Record transactions in a journal and post entries to a ledger. Bloom's: Apply AACSB/Accessibility: Analytical Thinking / Keyboard Navigation AICPA: BB Industry; FN Measurement

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