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BusinessBusiness
13 February, 23:24

Adjustments for unearned revenues: Select one: a. decrease liabilities and increase revenues. b. increase liabilities and increase revenues. c. increase assets and increase revenues. d. decrease revenues and decrease assets.

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  1. 14 February, 02:16
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    (D) decrease revenues and decrease assets

    Explanation:

    Since the revenue is unearned, its entry in the books needs to be reversed.

    When a revenue was recorded in the books, the like journal entry would have been.

    Debit Cash/Bank/Receivables Account (thus increasing asset)

    Credit Revenue Account (thus increasing revenue)

    There, reversing the entry will involve decreasing revenue and decreasing asset.
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Home » Business » Adjustments for unearned revenues: Select one: a. decrease liabilities and increase revenues. b. increase liabilities and increase revenues. c. increase assets and increase revenues. d. decrease revenues and decrease assets.
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