5- The journal entry for collecting $5,400 for legal services to be performed evenly throughout the next six months will include a) Debit to unearned service revenue for $5,400 b) Credit to unearned service revenue for $5,400 c) Debit to prepaid expenses for $5,400 d) Credit to cash $5,400 6- The two main types of inventory accounting systems are: a) cost of goods sold and gross profit. b) perpetual and periodic. c) perpetual and continuous. d) none of the above. 7- When the FIFO method is used, ending inventory is assumed to consist of the: a) units with the lowest per unit cost. b) units with the highest per unit cost. c) oldest units. d) most recently purchased units. 8- Which of the following statements is TRUE? a) Depreciation expense and accumulated depreciation are both reported on the income statement. b) Depreciation expense and accumulated depreciation are both reported on the balance sheet. c) Depreciation expense is reported on the income statement and accumulated depreciation is reported on the balance sheet. d) Depreciation expense is reported on the balance sheet and accumulated depreciation is reported on the income statement