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24) On May 1, 2020. Bee Advertising Company received $2,500 from Julie 2 points Cee for advertising services to be completed by April 30, 2021. Assume the receipt was recorded as unearned revenue and that at December 31, 2020, $1,000 of the fees had been earned. The adjusting entry prepared by Bee on December 31, 2020, should include * O A debit to Revenue for $1,000 O A debit to Revenue for $500 O A credit to Unearned Revenue for $500 w O A credit to Revenue for $1,000 O A debit to Unearned Revenue for $500 26) Which of the following accounts is most likely to be associated with an 2 points accrued expense? Unearned revenue O Salaries Payable O Accounts receivable O Depreciation expense O Service revenue 27) Financial statements are prepared in the following order * 2 points O Statement of changes in equity, balance sheet, income statement Income statement, statement of changes in equity, balance sheet Balance sheet, income statement, statement of changes in equity O Income statement, balance sheet, statement of changes in equity O Balance sheet, statement of changes in equity, income statement Other: 28) The Income Summary account is used * 2 points O To replace the capital account in some businesses O To close the revenue and expense accounts O To adjust and update asset accounts O To determine the appropriate withdrawal amount O to replace the income statement under certain circumstances 2 points 29) After all closing entries are made and posted, the balance in the owners' capital account in the ledger will be equal to * O Profit or loss for the year O The balance of owners' capital on the post-closing trial balance O The beginning balance in owners' capital in the statement of changes in equity O The balance of owners' capital on the pre-closing trial balance O Zero 2 points 30) Which of the following statements is true? * Journalizing consists of analyzing and recording transactions in T-accounts. The information on the work sheet can be used in place of preparing financial statements. O Preparing a post-closing trial balance helps to prove the accuracy of the adjusting and closing procedures O All of these statements are true. O By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts