X Corp provides a service to a customer for $25,000 but fails to record the transaction at the end of the year when company books are being closed. The resultant entry should include O Accounts receivable increase $25,000; Revenue increases 25,000 O Revenue increase $25,000; Accounts receivable increase $25,000 O Revenue increase $25,000; Accounts receivable decrease $25.000 O Revenue increased $25,000; Accounts payable (Liability) O None of the above Question 19 4 pts X Corp receives a electricity bill for $12,000 but fails to record the transaction at the end of the year when the books are being closed. The recorded entry should include Oncrease in Expense; Increase liability ($12,000) O Increase in Expense; decrease in Cash ($12,000) O Increase in Expense in liability ($12,000) O Decrease in Expense; Decrease in liability O None of the above. Question 20 A company increases its reported profit by changing from LIFO to FIFO method of valuation. This should be reported under O Change in Accounting principle O Other item O Extraordinary extraordinary items O Prior period adjustment O Discontinued operations Question 21 A company writes off an entire line of obsolete Nike sneakers due to lack of demand. This should be reported under O Other item O Extraordinary items O Discontinued operations O Change in Accounting principle O Prior period adjustment 4 pt 4 pts