i. J. Take-home problems-15 points 1. Presented below are a number of accounting procedures and practices in Ramirez Corp. For each of these items, list the assumption, principle, information characteristic, or modifying convention. (5 points) a. The payment of rent in advance is a b. Revenue and expense accounts are c. An optional step in the accounting cycle are, d. A revenue collected, but not earned is e. A portion of R&D expenses may be capitalized under f. A revenue earned, but not collected is 9. A purchased franchise license is classified as h. Financial statements are prepaid from the Asset, liability, and equity accounts are An expense incurred, but not yet paid Potential Solutions: 1. Reversing entries. Prepaid expense. 5. 9. IFRS 2. Nominal (temporary) accounts. 6. 7. Real (permanent) accounts 10. Intangible asset Accrued expense 4. Unearned revenue. 8. Adjusted trial balance 3. Accrued revenue.