ed txpense account and credited to an asset account SO00edited tbility account and debited to an oxpense account S00o debited to a liability account and credited to an asset account o Faiture to make an adiusting entry to recognize rent revenue receivable would cause et income, and stockholders' equity an understatement of assets f net income ment of assets and stockholders' equity and an understatement C. no ettect on assets, liabilities, net income, nor stockholders' equity D. an overstatement of assets, net income, and stockholders' equity Both the depreciation expense account and the accumulated depreciation account at the end of he first year of operations A. are closed B. appear in an adjusted trial balance prepared after the adjusting entries but before the closing entries C. are not closed at the end of the accounting period D. appear in a trial balance prepared prior to the adjusting and closing entries Which one of the following accounts would not be closed at the end of the accounting year? A. Utilities expense B. Sales revenue C. Prepaid rent expense. D. Wages expense Miranda Corp. received an order from a customer on October L The toys were shipped on October 15. The customer sent a check for full payment on November 5. Miranda received th check on November 10 and deposited it in the bank account. Miranda should record sales revenue related to this series of transactions or A. October 1 B. October 15 C. November 5 November 10 hen a credit sale is made with terms of 2/10, net 30 on May 10 and the customer's checl received on May 19, which of the following is true about the May 19 journal entry? A. The debt to ca ecorded on May 10 3. There will be a debit to sales discounts on May 10. . The debit to cash will be less than the credit to accounts receivable on May 19 . There will be a credit to sales discounts on May 19 sh will equal the credit to accounts receivable because the discount was