1: 21 3 5 6 7 8 9 10 1 Question 7 (1 point) Mary Richardo has performed $500 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Mary make? 1) Debit Cash and credit Unearned Service Revenue 2) Debit Accounts Receivable and credit Unearned Service Revenue 3) Debit Accounts Receivable and credit Service Revenue 4) Debit Unearned Service Revenue and credit Service Revenue Question 8 (1 point) Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. Cash received from customers $45,000 Accounts receivable 12,000 Cash paid for expenses 26,000 Accounts payable related to expenses) 3,000 Prepaid for next period 7,000 1) $19.000 2) $28.000 3) $21,000 4) $12,000 217