S&O Industries incurred utility expenses in December 2024 an…
S&O Industries incurred utility expenses in December 2024 and paid the invoice in January of 2025. No entry was made in December and when their accountant paid the invoice in January 2025, they recorded the following entry: Utility Expense $500 Cash $500 Which of the following statements is true regarding the impact of this transaction on the 2024 financial statements: