QUESTION 11 Unearned revenue occurs when a firm receives cash and provides any goods or services True False QUESTION 12 Saks borrows $120,000 from Chase on January 1, The loan is due in one year along with 8% interest. The company is preparing its report for the first quarter ending March 31. Which of the following best describes the necessary accrual for interest expense? 59.600 decrease liabilities, decrease cash $2,400 increase expenses, decrease cash $2.400 Increase liabilities, increase expenses $9,600 Increase liabilities, decrease expenses