1. ______ The failure to adjust an unearned revenue that has been partially earned and was originally recorded as a credit to Unearned Revenue will usually result in an a. Overstatement of revenues and an overstatement of liabilities b. Overstatement of revenues and an understatement of liabilities c. Understatement of revenues and an understatement of liabilities d. Understatement of revenues and an overstatement of liabilities

--> The following are a selection of account balances taken from the Adjusted Trial Balance of Cajon Corporation for December 31, 2009: Debit Credit Cash $150 Store Supplies 300 Service Fees Revenue $600 Common Stock 20 Retained Earnings 30 Accounts Payable 70 Dividends 200 Unearned Service Fees Revenue 180 Wage Expense 200

Store Supplies Expense 50

2. ______ From the information given, Cajon Corporation had net income in 2009 of a. $150 b. $530

c. $330

d. $350

3. ______ Refer to Cajon Corporation, Cajon Corporation had liabilities as of December 31, 2009 of a. $180 b. $280 c. $250 d. $70

4. ______ Refer to Cajon Corporation, after all closing entries have been made, the balance in Cajon's Retained Earnings account would be a. $360

b. $380

c. $310

d. $180

e. $30