ABC company always pays its electricity bill in the following month. The company closes its accounts quarterly. In the financial statements for the quarter ended September 30, 2011, the bill for the amount of electricity used in September will be equal to the balance in which of the following accounts:

I. Electricity Expense II. Prepaid Electricity Expense III. Electricity Expense Payable

II Only

I and III

None of the above

III Only

I Only