eges i piowie gible asset during the operating eae lassified on the balance sheet because it laccs 7. Which accounts normally have debit balances? A) Assets, expenses, and revenues B) Assets, expense, and retained earnings C) Assets, liabilities, and dividends Assets, expenses, and dividends 8. A company that receives money in advance of performing a service A debits Cash and credits Unearned Service Revenue B) debits Unearned Service Revenue and credits Accounts Payable C) debits Cash and credits Prepaid Insurance. D) debits Cash and credits Accounts Receivable. When a company performs a service but has not yet received payment, i A) debits Service Revenue and credits Accounts Receivable. B debits Accounts Receivable and credits Service Revenue. C) debits Service Revenue and credits Accounts Payable. D) makes no entry until cash is received. 9. 10. Leyland Realty Company received a check for $15,000 on July 1, which rep month advance payment of rent on a building it rents to a client. Uneaned F Revenue was credited for the full $15,000. Financial statements will be prep 31. Leyland Realty should make the following adjusting entry on July 31 A) debit Unearned Rent Revenue, $2,500; credit Rent Revenue, $2,500. B) debit Rent Revenue, $2,500; credit Unearned Rent Revenue, $2,500. C) debit Unearned Rent Revenue, $15,000; credit Rent Revenue, $15,000 D) debit Cash, $15,000; credit Rent Revenue, $15,000. full amount. At the end of the accounting period, a physical count of office revealed $1,500 still on hand. The appropriate adjusting journal entry to b end of the period would be A) debit Supplies Expense, $1,500; credit Supplies, S1,500. B) debit Supplies, $2,500; credit Supplies Expense, $2,500. C) debit Supplies Expense, $2,500; credit Supplies, $2,50 D) debit Supplies, $1,500; credit Supplies Expense, $1,500. 11. Greese Company purchased office supplies costing $4,000 and debited Su