10. During the accounting period, the Unearned Revenue account had a balance of $50,000 for computer equipment and software yet to be delivered. On March 31, a delivery of all of the equipment was made, leaving $5,000 worth of software pending. The correct journal entry to record this activity on March 31 is to a. debit Unearned Revenue and credit Revenue for $45,000. b. debit Unearned Revenue and credit Revenue for $5,000. c. debit Cash and credit Unearned Revenue for $45,000. d. debit Computer Equipment and credit Cash for $45,000. 11. A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as an) a. balance sheet. b. income statement. c. statement of owner's equity d. statement of cash flows. 12. Assets that are used for several years in the operation of a business are called a marketable securities. b. current assets. c. investments. d. property, plant, and equipment. 13. The entries that transfer the balances of the temporary owner's equity accounts to the permanent owner's equity account are called a. adjusting entries. b. closing entries. c. reversing entries. d. general journal entries