On April 30 the utility bill was received. The bill shows that utility services in the amount of $400 were used during April. The bill will be paid on May 7. Required: With regard to the above situation: a. State whether it is a prepaid expense, unearned revenue, accrued revenue or an accrued expense. b. Assuming that the accounting period is 1 month, prepare the necessary adjusting entry on April 30. Answer a. This situation is a OPrepaid expense OUnearned Revenue OAccrued Expense OAccrued Revenue b. The necessary adjusting entry is the following: DATE ACCOUNT TITLES DEBIT CREDIT April 30