10 points QUESTION 7 Match the event with the appropriate classification during the accounting cycle. A ski magazine company receives a total of $12,345 today from subscribers. The subscription begins in the next fiscal year. How should this transaction be recorded today A. Michigan State received $20,000 for a 5 game season tickets, previously recorded as unearned revenue. Michigan played their first home game this past . weekend. What transaction event should occur? A campus bookstore receives textbooks prior to the start of the semester and has paid the invoice to the publisher. How would this transaction been K. A. Increase Unearned Revenue recorded? B. Decrease Unearned Revenue, Increase Earned Revenue HP pays their technicians weekly. The pay period ends on Friday November 3rd. The pay period covers c. Increase Prepaid Assets D. The last weeks of October and is estimated to be be $375,000. What would they do on October 30th? D. Increase Accrued Liabilities The Ace Building signed a contract to construct a building for $1.5M. At the signing they received a check for $200,000. How would they record this E. Increase Expenses J. F. No transaction required transaction? G. Decrease Prepaid Assets Increase Expense The Hobbit Company receives its phone bill at the end E.of January for the previous 30 days of service. How should they record this transaction H. Increase Unearned Revenue, Increase Revenue . Increase Prepaid Assets, Increase Expenses The University pays $8,500 in advance for a large C.printing project that will be done in the future. How J.Increase Revenues only K. Decrease Prepaid Assets should they record this event? A customer pre-orders 10 laptops from the local supplier, the customer agrees to pay upon receipt of the laptops F. The Golden Company pays their annual insurance bill for the upcoming year. How should this transaction be handled The Golden Company reviews their Trial Balance at the end of their first quarter in March They noted that there was an insurance policy that was in effect as of the first of January, what should they do G