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Question 2
Which of the following describes the classification and normal
balance of the Unearned Rent Revenue account?
Asset, debit
Expense, debit
Liability, credit
Revenues, credit
Question 3
Posting
involves transferring all debits and credits on a journal page to
the trial balance.
is accomplished by examining ledger accounts and seeing
which ones need updating.
should be performed in account number order.
accumulates the effects of journalized transactions in the
individual accounts.
Question 4
The following is selected information from L Corporation for
the fiscal year ending October 31, 2014.
Cash received from customers $300,000
Revenue earned
390,000