For the adjusting accounts for fixing revenue like the following entry:Unearned Fixed Revenue……2000Fixed Revenue ……………2000NOT making the adjustment would __________ revenue and net income by $2000 in the income statement and ________ unearned revenue and ______ equity by $2000 in the balance sheet. A: understate, understate, understate B: understate, overstate , overstate C: overstate, overstate, overstate D: understate, overstate, understate

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2022-06-01

For the adjusting accounts for fixing revenue like the following entry:Unearned Fixed Revenue……2000Fixed Revenue ……………2000NOT making the adjustment would ____ revenue and net income by $2000 in the income statement and unearned revenue and equity by $2000 in the balance sheet. A: understate, understate, understate B: understate, overstate , overstate C: overstate, overstate, overstate D: understate, overstate, understate

For the adjusting accounts for fixing revenue like the following entry:Unearned Fixed Revenue……2000Fixed Revenue ……………2000NOT making the adjustment would __________ revenue and net income by $2000 in the income statement and ________ unearned revenue and ______ equity by $2000 in the balance sheet.
A: understate, understate, understate
B: understate, overstate , overstate
C: overstate, overstate, overstate
D: understate, overstate, understate

答案：

D

举一反三

内容

0
What type of account is Unearned Revenue (asset, liability, stockholders’ equity, revenue, or expense) and what is its normal balance, respectively?
1
Unearned Revenue is classified as a(n) ________ account. A: liability B: asset C: revenue D: equity
2
Unearned Service Revenue is a revenue account.
3
Unearned revenue is closed to the income summary account at the end of the accounting period.
4
Unearned<br/>revenue is a liability and should be reported on the income<br/>statement.(<br/>)