Multiple Select Question

Select all that apply

Describe the effect of the adjusting entry to show the earned amount of a previously recorded unearned revenue on the income statement and on the balance

sheet by choosing the correct statements below.

Total liabilities are reduced.

Net income is reduced.

Total liabilities are increased.

A revenue account is increased.

A liability $($unearned revenue$)$ will be reduced.

Net income is increased.

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