Question 3 1 pts As of December 31 (end of the year), a company has utilities costs of $5,000 but does not pay for them. From the period January 1-15, additional utilities costs are $2,000, and then the full $7,000 is paid on January 20. What adjusting entry would be recorded on December 31? Debit Utilities Expense for $5,000, Credit Cash for $5,000 O Debit Utilities Expense for $2,000, Credit Cash for $2,000 O Debit Utilities Expense for $7,000, Credit Cash for $7,000 O Debit Utilities Payable for $2,000, Credit Utilities Expense for $2,000 Debit Utlities Expense for $5,000, Credit Utlities Payable for $5,000