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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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