A debit to an asset account always indicates O an error. O a credit was made to a liability account. O a decrease in the asset. O an increase in the asset. A journal entry will NOT include O account names. O date of the transaction. o the dollar amount of the transaction. O account balance. Expenses should be recognized, excluding transactions with owners, when which of the following occurs? There is an increase in assets. There is an increase in liabilities. There is a decrease in liabilities. O None of the above. Which of the following would NOT result in unearned revenue? O sale of season tickets to hockey games O services performed on account O rent collected in advance from tenants O sale of two-year magazine subscriptions Closing entries O close all of the permanent accounts. O are prepared before the financial statements. O reduce the number of permanent accounts. O cause the revenue and expense accounts to have zero balances. Which of the following is an example of a temporary account that will be closed to Income Summary at the end of the accounting period? Land O Accounts Payable Accumulated Depreciation O Service Revenue Under a perpetual inventory system, acquisition of merchandise for resale is debited to the O Cost of Goods Sold account. O Purchase Returns and Allowances account. O Merchandise Inventory account. O Purchases account