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For unearned revenues, adjusting entry records the receivable that exists and records the revenues for services performed. Adjusting entry increases an asset account with a

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For unearned revenues, adjusting entry records the receivable that exists and records the revenues for services performed. Adjusting entry increases an asset account with a debit and increases a revenue account with a credit. O True False The information provided by the Retained Earnings statement indicates the reasons why retained earnings increased or decreased during the period. If there is a net loss, it is deducted with dividends in the retained earnings statement. * True False

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