Question 18 4 pts Which of the following is an example of a deferred expense? Office supplies purchased at the beginning of the year to be used over the course of the year. Depreciation Expense. Rent recognized during the period, to be received at the end of the year. O Property taxes incurred during the year, to be paid in the first quarter of the subsequent year. Question 16 4 pts Which of the following would be included as a part of Comprehensive Income but not as a part of Net Income? Unrealized Gain on Available for Sale Security O Unrealized Gain on Trading Security Realized Gain on Hedging Transaction O Realized Gain on Available for Sale Security Question 14 4 pts Desert Company is completing the end of year closing process. What journal entry will Desert Company make to close the Accounts Receivable account? No closing journal entry is required Debit Accounts Receivable, Credit Retained Earnings Debit Accounts Receivable, Credit Income Summary Debit Retained Earnings, Credit Accounts Receivable Question 12 4 pts The omission of the adjusting entry to record sales revenue will result in an: understatement of assets and an understatement of owners' equity overstatement of liabilities and an understatement of owners' equity O understatement of assets and an understatement of liabilities. O overstatement of assets and an overstatement of owner's equity