d. 11 and v Assume that a company fails to accrue $12,000 worth of utilities expense in 2017 . The accountant records the expense when the electricity bill is paid in 2018. What would be the correcting journal entry if the accountant discovers the crror after the 2017 books close but before the company pays the bill'? a. Utilities expense b. Retained eamings c. Retained eamings d. No entry Utilities payable Utilities payable Utilities expense 12,000 12,000 12,000 12,000 12,000 12,000 7. Which of the following is false about income tax expense? It represents the actual amount of taxes paid. It's based on pretax financial income. It's ordinarily debited when recording taxes for the year. It's made of two components: current and deferred taxes. a. b. c. d