6) Unearned revenue is classified as

a. an asset account.

b. a revenue account.

c. a contra-revenue account.

d. a liability account.

7) Which of the following would not result in unearned revenue?

a. Rent collected in advance from tenants

b. Services performed on account

c. Sale of season tickets to football games

d. Sale of two-year magazine subscriptions

8) If an adjusting entry is not made for an accrued expense,

a. expenses will be overstated.

b. liabilities will be understated.

c. net income will be understated.

d. owners equity will be understated.