Multiple Choice
What happens to the accounting equation when the adjustment is recorded to recognize earned revenue previously recorded as unearned revenue?
A) Assets and liabilities increase
B) Liabilities decrease and stockholders' equity increases
C) Assets and liabilities decrease
D) Stockholders' equity increases and decreases by the same amount
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Youngblood Company borrowed $100,000 on a one-year,
Q4: The following data were taken from the
Q5: Match Incorporated recorded salary expense of $120,000
Q6: Which of the following does not occur
Q7: Federer Corporation had $12,400 of supplies on
Q9: Accrued expenses originate from:<br>A) previously unrecorded expenses
Q10: Pine Corporation makes adjusting entries monthly. Property,
Q11: Zybo Incorporated operates a window washing business.
Q12: Buster Corporation purchased supplies at a cost
Q13: Money Corporation employs 20 workers in its