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Examination 27:30 41 of 50 ans Question 47 1 point Previous Next A business has earned revenues of $3,500 during a period. To close the revenue account we must: O A. debit Revenue; credit Income Summary B. debit Income Summary, credit Revenue C. debit Capital : credit Revenue OD. debit Revenue, Credit Capital Question 48 1 point Previous Next A credit entry decreases the balance of O A. Owner's equity B. Assets OC. Income D. Liabilities Question 49 1 point Previous Next Rental Services, Inc. (RSI) records all advance rental receipts in the liability account, Unearned Rent. What entry does RSI make to record the receipt of these advance receipts? O A. Debit: Unearned Rent; Credit: Rent Revenue B. Debit: Cash; Credit: Unearned Rent O C. Debit: Unearned Rent; Credit: Rent Expense D. Debit: Rent Expense: Credit: Cash Question 50 1 point Previous Next The components of the statement of financial position or balance sheet O A. assets, income and owner's equity B. income, expense and profit c. assets, liabilities and owner's equity D. investment, withdrawals and profit