9. MC.03.100 The type of account and normal balance of Unearned Consulting Fees would be a. expense, debit b. liability, debit c. liability, credit d. revenue, credit 11. MC.03.103 Which of the following is an example of a prepaid expense? a. Accounts Receivable b. Unearned Subscription Revenue c. Unearned Fees d. Supplies they are paid 18. MC.03.92.ALGO (Algorithmic) The balance in the prepaid rent account before adjustment at the end of the year is $17,751, which represents 6 months' rent paid on December 1. The adjusting entry required on December 31 is a. debit Prepaid Rent, $14,792; credit Rent Expense, $2,959 b. debit Prepaid Rent, $2,959; credit Rent Expense, $2,959 c. debit Rent Expense, $14,792; credit Prepaid Rent, $2,959 d. debit Rent Expense, $2,959; credit Prepaid Rent, $2,959 21. MC.03.108.ALGO (Algorithmic) The unearned rent account has a balance of $72,243. If $15,702 of the $72,243 remains unearned at the end of the accounting period, the amount of the adjusting entry is a. $15,702 b. $87,945 C. $72,243 d. $56,541 22. MC.03.113 How will the following adjusting journal entry affect the accounting equation? Unearned Subscription Revenue Subscription Revenue 11,500 11,500 a. decrease liabilities, increase revenues b. Increase liabilities, increase revenues c. increase assets, increase revenues d. decrease liabilities, decrease revenues 24. MC.03.72 Which of the following is considered to be an accrued expense? a. A computer technician has been paid in advance to install software updates as they become available. b. A computer technician has installed the latest software updates, but you have not received an invoice or made payment. c. A computer technician has just signed an agreement with you regarding pricing for future work d. A computer technician installed the latest software updates and was paid on the same day. 25. MC.03.97.ALGO (Algorithmic) Smokey Company purchases a one-year insurance policy on July 1 for $3,228. The adjusting entry on December 31 is a. debit Insurance Expense, $1,883; credit Prepaid Insurance, $1,883 b. debit Insurance Expense, $1,614; credit Prepaid Insurance, $1,614 c. debit Insurance Expense, $1,345; credit Prepaid Insurance, $1,345 d. debit Prepaid Insurance, $1,614; credit Cash, $1,614