Question 13 (2 points) Pearson Spector Law Associates received advance payments from clients for legal services to be performed over the next year, which was recorded as Unearned Revenue. The adjusting entry to record the revenue for the services provided by the end of the period is: Debit Service Revenue and credit Unearned Revenue Debit Cash and credit Unearned Revenue Debit Unearned Revenue and credit Service Revenue Debit Unearned Revenue and credit Accounts Receivable Debit Cash and credit Service Revenue Pearson Spector Law Associates received advance payments from clients for legal services to be performed over the next year, which was recorded as Unearned Revenue. The adjusting entry to record the revenue for the services provided by the end of the period is: Debit Service Revenue and credit Unearned Revenue Debit Cash and credit Unearned Revenue Debit Unearned Revenue and credit Service Revenue Debit Unearned Revenue and credit Accounts Receivable Debit Cash and credit Service Revenue Which of the following is true? Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. The total amount debited need not equal the total amount credited for a particular transaction The left side of a T-account is the debit side. The left side of a T-account is the credit side. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. The accountant at Chaddha Company forgot to make the adjusting entry for accrued wages. What is the effect of this mistake? Overstate assets. Have no effect on net income Overstate net income Understate net income. Understate assets. Under revenue is recorded when services are performed and expenses are reported when they are incurred. Operating cycle accounting Revenue recognition accounting G Accrual basis accounting Cash basis accounting