Question: 48. How does receiving a bill to be paid next month for services received affect the accounting equation? a. assets decrease; stockholders' equity decreases b.

48. How does receiving a bill to be paid next month for services received affect the accounting equation?

a.

assets decrease; stockholders' equity decreases

b.

assets increase; liabilities increase

c.

liabilities increase; stockholders' equity decreases

d.

liabilities increase; stockholders' equity increases

49. The following adjusting journal entry does not include an explanation. Select the best explanation for the entry.

Unearned Revenue

7,500

Fees Earned

7,500

????????????????

a.

Record fees that have not been earned at the end of the month.

b.

Record payment of fees to be earned.

c.

Record payment of fees earned.

d.

Record fees earned at the end of the month.

50. The account type and normal balance of Unearned Revenue is

a.

expense, debit

b.

liability, credit

c.

asset, debit

d.

revenue, credit

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