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Seved Help Save & Exit Sub Which of the following is not an example of the application of the revenue principle? Multiple Choice Recording accrued interest revenue on a loan made to another party Recording rent received in advance as tent revenue. Recording the sale of merchandise on credit in sales revenue. Recording the sale of merchandise for cash in sales revenue. Expenses that are incurred with the passage of time such as insurance expense do not require an adjusting entry. True or False True False A company that ships product to its customers in January 20X2 but records them as revenue in December 2001 has not violated the revenue principle because they were manufactured and ready for sale before the accounting year end. True or False True False