Which of the following pairs increase with credit entries? A. Supplies and retained earnings B. Rent expense
Question:
Which of the following pairs increase with credit entries?
A. Supplies and retained earnings
B. Rent expense and unearned revenue
C. Prepaid rent and common stock
D. Unearned service revenue and accounts payable
Step by Step Answer:
Answer Step 1 To determine Concept introduction Accounting equation Accounting equat...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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