The adjusting entry for unearned revenue results in an increase (a debit) to an asset account and an increase (a credit) to a revenue account.
Correct Answer:
Verified
Q6: The cash basis of accounting is not
Q10: Adjusting entries are not necessary if the
Q14: The book value of a depreciable asset
Q17: The expense recognition principle is frequently referred
Q18: An adjusting entry always involves a balance
Q20: Accrued revenues are revenues that have been
Q24: Closing entries deal primarily with the balances
Q27: Financial statements can be prepared from the
Q35: If prepaid costs are initially recorded as
Q38: Asset prepayments become expenses when they expire.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents