16) On January 1, the Thunderball Hockey Association sold 300 season passes for $200 each. The season lasts from February through May. If the amount received was credited to unearned revenue, what adjusting entry will be made on February 28? A) Prepaid Subscription Revenue 15,000 Subscription Revenue 15,000 B) Subscription Revenue 45,000 Subscriptions Payable 45,000 C) Unearned Subscription Revenue 15,000 Subscription Revenue 15,000 D) Unearned Subscription Revenue 45,000 Subscription Revenue 45,000 17) The first financial statement prepared from the adjusted trial balance is the ) balance sheet B) statement of net income ) statement of cash flows D) statement of retained earnings 18) Closing revenue accounts results in a credit to income summary A) True B) False 19) All of the following accounts are temporary accounts except A) Gain on Sale of Equipment B) Sales Revenue C) Dividends Payable D) Interest Expense 20) Which of the following statements about earnings quality is false? A) Earnings quality is of considerable interest not only to investors and creditors but also to auditors, and regulators. B) Permanent earnings result in higher earnings quality, while transitory earnings result in lower earnings quality C) Earnings quality is enhanced when managers engage in earnings management. D) Earnings quality captures the degree to which reported income provides financial statement users with useful information for predicting future firm performance