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26. An example of a contra account is: * (1 Point) O Accounts receivable Depreciation expense Accumulated depreciation O Sales revenue 27. Prepayments occur when: * (1 Point) O Manufactured goods await quality control inspections. Customers are unable to pay the full amount due when goods are delivered. Sales are delayed pending credit approval. O Cash flow precedes expense recognition. 28. A debit to P 1,000 accounts receivable posted to the debit side of the general ledger as P 100 will ok (1 Point) overstate the accounts receivable by P 1,100 Thing o understate the accounts receivable by P 900 overstate the accounts receivable by P 900 o understate the accounts receivable by P 1.100 29. Chris Company received P 9,600 on April 1, 2016 for one year's rent in advance and recorded the transaction with a credit to a nominal account. The December 31, 2016 adjusting entry is (1 Point) Debit Unearned Rent and credit Rent Income P 2.400. debit Unearned Rent and credit Rent Income P 7.200. Debit Rent Income and credit to Uneared Rent P 2.400 Debit Rent Income and credit to Unearned Rent P 7.200 30. Failure to record the unexpired portion of insurance premium paid would * (1 Point) o understate profit overstates owner's equity O overstates liabilities understate expense