B. Has an increase in unearned revenue in March C. Has an increase in unearned revenue in June D. Has an increase in in March stockholders’ equity 13. Which of the following statements regarding adjusting entries are true? A. An accrual adjustment that increases an asset will include an increase in an expense B. A deferral adjustment that decreases an asset will include an increase in an expense C. Neither of the above are true D. Both of the above are true 14. The following comments each relate to the recording of journal entries. Which statement is true? 15. Failure to record the receipt of a utility bill for services already received will result in: (expense decreases equity) stockholders’ 16. The proper journal entry to record a of clients for $500 of company’s billing services rendered is: 17. The proper journal entry to record $1,000 of Dividends paid by a company is: Dividends are not expenses
B. Has an increase in unearned revenue in March C. Has an increase in unearned revenue in June D. Has an increase in stockholders’ equity in March 13. Which of the following statements regarding adjusting entries are true? A. An accrual adjustment that increases an asset will include an increase in an expense B. A deferral adjustment that decreases an asset will include an increase in an expense C. Neither of the above are true D. Both of the above are true 14. The following comments each relate to the recording of journal entries. Which statement is true? 15. Failure to record the receipt of a utility bill for services already received will result in: (expense decreases stockholders’ equity) 16. The proper journal entry to record a company’s billing of clients for $500 of services rendered is: 17. The proper journal entry to record $1,000 of Dividends paid by a company is: Dividends are not expenses
acct_201_unit_1_review_with_answer_key.docx