Quiz 4: Adjustments,financial Statements,and the Quality of Earnings
The Journal Entry to Adjust the Unearned Revenue Account When
The journal entry to adjust the unearned revenue account when revenues are earned results in an increase in assets and a decrease in liabilities.
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The journal entry to adjust the prepaid rent account for rent used during the period results in an increase in expenses and a decrease in stockholders' equity.
The adjusting entry to record accrued revenues results in an increase in assets and an increase in stockholders' equity.
The adjusting entry to record an accrued expense results in a decrease in both assets and stockholders' equity.
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