On December 31, a company receives a $5,000 payment for services not yet rendered and a $500 electric bill for the month of December. Under the accrual basis of accounting, this company would recognize: a. $4,500 of revenue and $500 of expense. b. $5,000 of revenue and $0 of expense. c. $5,000 of revenue and $500 of expense. d. $0 of revenue and $500 of expense.