Multiple Choice
The adjusting entry to record unearned revenue that has now been earned accomplishes which of the following?
A) Increases an asset and increases an expense
B) Decreases an asset and increases an expense
C) Decreases a liability and increases a revenue
D) Decreases a liability and increases an expense
Correct Answer:
Verified
Correct Answer:
Verified
Q51: Which of the following accounts would most
Q52: are two ways to do accounting: accrual
Q53: Unearned rent is an example of a(n):<br>A)
Q54: The adjusting entry to record prepaid insurance
Q55: Under the cash-basis method of accounting, service
Q57: adjusting entry to record depreciation expense accomplishes
Q58: Plant assets are long-lived tangible assets used
Q59: January 1, 2012, Office Manor's Unearned revenue
Q60: account "Prepaid insurance" is an asset account.
Q61: Cash-basis accounting ignores all of the following