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24 5$ If a journal entry that affects only two accounts increases an asset account as one part of the entry, what might the other
24 5$ If a journal entry that affects only two accounts increases an asset account as one part of the entry, what might the other part of the entry do? (Note that the asset account that is increased is not a contra asset.) Increases a liability account Increase an expense account Increase another asset account Decrease a revenue account None of the above. 25 55 Which of the following would not be shown on the Income Statement? Unearned Revenue O Service Revenue O Wages Expense Cost of Goods Sold All would be shown on the Income Statement 26 55 Which of the following statements is correct for revenue and expense accounts? O the beginning balance in the Retained Earnings account, and all of the revenue and expense account balances, are used to prepare the Income Statement O all expense accounts are shown on the Income Statement except the cost of Goods Sold account some of the revenue and expense account balances are used to prepare the Income Statement, and some of the revenue and expense account balances appear on the Balance Sheet all of the revenue and expense account balances are used to prepare the Income Statement O none of the above statements are correct
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