24. Under the alternative method for recording unearned revenue, the receipt of cash in advance of performing services would be recorded as a credit to Unearned Revenue and a debit to Cash.

25. The accounting cycle refers to the steps in preparing the work sheet for users.

26. In accrual basis accounting, accrued revenues are recorded as liabilities.

27. Depreciation expense is an example of accrued expense.

28. Expenses incurred during an accounting period but that, before end-of-period adjustments, remain unrecorded because payment is not due are referred to as accrued expenses.

29. The report format is considered to be the only correct format for the balance sheet.

30. On January 8, Gallery Corp. records $5,000 of accrued salaries. On January 15, $10,000 of salaries are paid. The entry on January 15 includes a debit to the Salaries Payable account.