9. (9 pts) On October 1, 20D, PHD Corporation collected rent of $4,800 for two years in advance. The three possible ways in which PHD Corporation could have recorded the transaction on October 1, 200, ie, the original source journal entry) are listed below. Also listed are three different adjusting entries that could be made on December 31, 20D (the end of the accounting year). Match each journal entry with the appropriate adjusting entry. Journal Entry, Sept. 1, 200: 4,800 A Cash Rent revenue 4,800 4,800 B. Cash Unearned rent revenue 4,800 C 4,800 Cash Rent revenue Unearned rent revenue 600 4,200 Adjusting Entry, Dec 31, 200: B1. 600 Unearned rent revenue Rent revenue 600 2. 4,200 Rent revenue Unearned rent revenue 4,200 A 3. No adjusting entry needed Multiple Choice-810-20 - 4 points each (44 points total) 10. Which of the following statements is false? A) The board of directors meets with the external auditors to discuss management's compliance with their financial reporting obligations. B) The external auditors are selected by the Securities & Exchange Commission (SEC) C) The Securities & Exchange Commission (SEC) requires publicly traded companies to have their financial statements audited by an independent auditor. "D) The external auditors assume some responsibility with respect to the fairness of the financial statements. 11. Which of the following is an objective of the external audit of a company's financial statements? A) To provide a forecast of the company's future earnings. B) To assure no fraud has been committed by the company's management, C) To provide credibility that the financial statements are fairly presented. D) To detect all accounting errors made by the accounting system and employees