Question 12 (3 points) Which of the following is not true with regards to deferred revenue? O a) b) Deferred revenue is a liability on the balance et representing future services expected to be performed. The adjusting entry results in a debit to a liability account and a credit to a revenue account. c) Without an adjusting entry, liabilities will be overstated, and stockholder's equity will be understated. d) Without an adjusting entry, revenues and net income will be overstated.