1. The following adjusting journal entry does not include an explanation. What is the best explanation for the entry 7,500 Unearned Revenue Fees Earned 7777777777777777 7,500 Ans: 2. How will the following adjusting journal entry affect the accounting equation? Unearned Subscription Revenue 11,500 Subscription Revenue 11,500 I I Ans 3. What is the difference between the balance of a fixed asset account and the related accumulated depreciation: Ans: 4. What is the purpose of the adjusted trial balance? Ans: 5. Two income statements for Toby Sam Enterprises are shown below. Toby Sam Enterprises Income Statement For the Years 2 and 1 Ending December 31 Year 2 Year ] Fees earned $674,350 $520,600 Operating expenses 472 045 338,390 Operating income $202 305 $182.210 Determine whether the operating income has increased increased or decreased as a percentage revenue? Ans