Lainey has paid Yan's Bikes $1250 cash two months in advance to pre-order the new Trek eBike. Select the flows and accounts that Yan's Bikes would use to record this transaction. Please select a drop-down selection for every box. Assets = Liabilities + Equity [ Select ] No account required Cash Investments Inventory Accounts receivable [ Select ] No account required Accounts payable Loan Unearned revenue [ Select ] Expenses Revenue No account required Dividends Share equity [ Select ] $0 + $1250 - $1250 [ Select ] + $1250 - $1250 $0 [ Select ] - $1250 + $1250 $0Multiple dropdown selections
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The adjusting entry to record the amounts earned during the accounting period results in a(n) Blank ______ to the Unearned Revenue account.
On July 1, Squid Roe, Inc., collected cash in advance from a customer in July for services to be performed in July, August and September and recorded a debit to Cash and credit to Unearned Revenue for $3,000. Which of the following is the proper treatment of this event assuming monthly financial statements are prepared?
On December 1, ABC Apartment Company received $4,800 in advance from a tenant for 3 months' rent, December through February. It credited Unearned Rent Revenue for the full amount. After the adjusting entry is recorded, the Unearned revenue balance at December 31 equals Blank ______.
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