10. Use Apple's actual 9/30/17 balance sheet to answer this question. Apple's balance sheet shows the account of deferred revenue (unearned revenue) in current liabilities. Since this account records revenues before they are earned, which account does Apple credit to record when the revenues are eamed? a. Net Sales (Revenues) b. Prepaid Expenses c. Accounts Receivable d. Expenses 11. Use Apple's actual 9/30/17 balance sheet to answer this question. Based on your answer to question #10-how much (in actual dollars) would this account (your answer to #10) increase for Apple when the revenues are earned? Hint: make sure you are selecting the account from the current liabilities section only. The same title account is listed in both current and non-current a. $17,874,000,000 b. 100, 814,000,000 c. $100,814,000 d. $7,548,000,000 12. Using Apple's actual 9/30/17 income statement and balance sheet to answer this question, what impact did the Net Income (Loss) eamed during the accounting period have on the Retained Eamings account? Hint: remember your retained eamings formula. a. Retained earnings were increased by $47,567,000 b. Retained earnings were decreased by $47,567,000,000 c. Retained earnings were increased by $48, 351,000,000 d. Retained earnings were decreased by $48,351,000,000 13. Use JC Penney's actual 1/28/17 balance sheet to answer this question. What is the value (in actual dollars) shown on the financial statements for JC Penney's Property and Equipment accounts as of 1/28/17 and is the balance a debit or credit? a. $4,599,000,000 and a credit balance b. $9,314,000,000 and a debit balance c. $9,314,000,000 and a credit balance d. $4,599,000,000 and a debit balance 14. Based on your answer to question #13-According to the matching principle what account would JC Penney debit to allocate a portion of the cost of the Property and Equipment at the end of the accounting period as an adjusting entry before they prepare the financial statements? a. Revenue b. Depreciation (and amortization) c. Prepaid Expenses d. Net Interest Expense 15. Use JC Penney's actual 1/28/17 income statement to answer this question Based on your answer to question #14-How much in actual dollars did JC Penney debit to this account (your answer to #14) for the financial statements ending on 1/28/17? a. $609,000,000 b. $4,081,000,000