26. What account is debited and what account is credited in the closing journal entry to close out the revenue account after the financial statements have been prepared? (Select ALL that apply)

On 1/1, Student Union Corporation purchased a building for $500,000 by signing a 10-year note payable. If Student Union Corp use straight line depreciation to calculate depreciation expense and the building has a useful of 10 years, what is the annual amount of depreciation expense that will be recorded?

On 11/1, Ace Ventura Exterminating Service receives $12,000 in advance to provide exterminating services to a client over the next 12 months. As of 12/31, based on this business transaction only, Ace Ventura Exterminating Service:

Group of answer choices

would have recognized $2,000 of service revenue with a liability balance remaining of $10,000.

would have recognized $1,000 of service revenue with a liability balance remaining of $11,000.

would have recognized $12,000 of service revenue with a liability balance remaining of $0.

would have recognized $2,000 of service revenue with a liability balance remaining of $12,000.