ice is called a(n) 7. Cash received prior to delivering a product or performing a serv unearned asset unearned revenue. unearned expense. unearned contra-asset. 8. An example of a contra-revenue account is a. Purchases Purchases Discounts. Sales Returns and Allowances. d. 9. Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts? Purchases Purchases Returns and Allowances a. . Freight-In d. Supplies 10. Merchandise Inventory is listed as a(n) current asset. b. crrent liability. C. expense. d. revenue. 11. At the end of the accounting period, the correct entry in the general journal to adjust for ending inventory is to a. b. c. d. debit Merchandise Inventory and credit Unearned Revenue. debit Income Summary and credit Merchandise Inventory. debit Merchandise Inventory and credit Income Summary. debit Other Revenue and credit Income Summary. 12. The heading on a financial statement includes which of the following information, in the order shown? a. the name of the business, the period of time the statement covers, and the name of the b. the name of the statement, the period of time the statement covers, and the name of c. the period of time the statement covers, the name of the statement, and the name of d. the name of the business, the name of the statement, and the period of time the statement the business the business statement covers 13. Net sales minus cost of goods sold equals a. operating income. b. operating expenses. C. other expenses. d. gross profit