Ron’s Diner received the following bills for December 2009 utilities:

. Electricity: $400 on December 29, 2009

. Telephone: $150 on January 5, 2010 Both bills were paid on January 10, 2010. On the December 31, 2009 balance sheet, Ron’s Diner will report accrued expenses of:

a. $550

b. $400

c. $150

d. $ 0