At the end of May, a company receives a utility bill for $500 associated with operations in May. The company plans to pay the bill on June 10. In May, the adjusting entry is recorded as: Multiple Choice Debit Utilities Expense $500, Credit Cash $500 No adjusting entry is required. Debit Utilities Expense $500, Credit Utilities Payable $500 Debit Utilities Payable $500, Credit Cash $500