How does the adjusting entry to recognize the portion of the unearned revenue that a company earned during the account period affect the elements of the financial statements?

A. An increase in assets and a decrease in liabilities

B. A decrease in liabilities and an increase in equity

C. An increase in liabilities and a decrease in equity

D. A decrease in assets and a decrease in liabilities

Which of the following events would not appear on a balance sheet?

A. unearned revenue

B. Supplies

C. Prepaid rent

D. Service Revenue

Which of the financial statements are required by the GAAP?

A. Statement of changes in stockholders equity

B. Balance sheet

C.Statement of cash flows

D. Income statement

E. All of the above