The adjusting entry,to recognize salaries that are owed to employees,increases net income and increases liabilities.
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Q56: Prepaid Rent and Unearned Service Revenue are
Q57: Define the following terms: Q58: Following the expense recognition principle,to recognize expenses Q59: On June 1,2019,Starbucks paid the rent of Q60: The expense recognition principle requires the recognition Q62: The following accounts are up-to-date and need Q63: Adjusting entries: Q64: The book value of a plant asset Q65: Unearned Service Revenue is a revenue account. Q66: If deferred revenue has been earned by
A)close the revenue accounts.
B)close the expense
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