During the year, a company earned revenues of $700 million. Expenses incurred totaled $520 million. The company collected all but $20 million of the revenues earned and paid $610 million of its expenses in cash. Under the cash basis of accounting, what would the company report as net income? O $20 million O $90 million O $70 million O $180 million Which of the following options is not an adjusting entry? O Deferred shareholders' equity O Prepaid expenses Unearned or deferred revenues O Accrued expenses Bean inc. pays a 6-month insurance premium of $2,000 on October 1. Assume adjusting entries are only recorded at the end of the year on December 31. What is the adjusting journal entry on December 31? O Dr. Prepaid Insurance 1000; Cr. Insurance expense 1000 O Dr. Insurance expense 2000; Cr. Prepaid Insurance 2000 O Dr. Prepaid Insurance 2000; Cr. Insurance expense 2000 O Dr. Insurance expense 1000; Cr. Prepaid Insurance 1000 During the month of December, a company provided services of $1,200 to a customer. However, the customer will not pay for the services until the following month. What is the adjusting entry on December 31 to accrue for revenues? O Dr. Revenues 1200; Cr. Cash 1200 O Dr. Revenues 1200; Cr. Accounts Receivable 1200 O Dr. Accounts Receivable 1200; Cr. Revenues 1200 O Dr. Cash 1200; Cr. Revenues 1200 Which of the following options is a characteristic of adjusting entries? O Made at the end of the period. O Made at the beginning of the period O Includes two balance sheet items O Always includes cash