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Describe the effect of the adjusting entry to show the earned amount of a previously recorded unearned revenue on the income statement and on the
Describe the effect of the adjusting entry to show the earned amount of a previously recorded unearned revenue on the income statement and on the balance sheet by choosing the correct statements below. (Check all that apply.)
Multiple select question.
Total liabilities are increased.
A liability (unearned revenue) will be reduced.
Profit is increased.
Profit is reduced.
Total liabilities are reduced.
A revenue account is increased.
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