On March 31, Blue Co. incurs rent expense for the month and pays cash. Which of the options will the journal entry for this transaction include? o Credit Rent Expense O Debit Rent Expense o Credit Rent Payable Debit Cash Which of the following options includes only temporary accounts? O Dividends, Income Summary O Expenses Retained Earnings O Retained Earnings, Revenues Retained Earnings, Income Summary Assume a company had dividends of $2,000 for the period. Which of the following options will close the dividends account? O Dr. Retained Earnings, Cr. Dividends G O Dr. Dividends; Cr. Retained Earnings O Dr. Net Income, Cr. Dividends O Dr. Dividends; Cr. Income Summary Assume that Rhyme Magazine received cash of $2,400 in advance for a two year subscription, on January 1st of Year 1. Rhyme appropriately set up an Unearned Subscriptions account on that date. Assuming that no adjusting entries were made during the year, which of the following adjusting entries will Rhyme Magazine make at the end of Year 1? N O Debit Unearned Subscriptions Revenue 1,200; Credit Subscriptions Revenue 1,200 O Debit Subscriptions Revenue 2,400, Credit Cash 2,400 O Debit Subscriptions Revenue 1,200, Credit Cash 1,200 O Debit Subscriptions Revenue 1,200; Credit UnearnedSubscriptions Revenue 1,200 O Debit Cash 2,400; Credit Unearned Subscriptions Revenue 2,400 When a company fails to accrue for an expense that it should have recorded as an adjusting entry, which of the following statements is true? O Liabilities are overstated. Revenues are overstated. O Expenses are understated. Expenses are overstated