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stering Adjusting Entries The following information relates to questions 26, 27, and 28: Rehabilitation, Inc. uses accrual basis accounting. It collects $10,000 in December for
stering Adjusting Entries The following information relates to questions 26, 27, and 28: Rehabilitation, Inc. uses accrual basis accounting. It collects $10,000 in December for a painting job and credits revenue. By the end of December, its year end, the company has completed 30% of the job. 26. How much cash did Rehabilitation, Inc. collect in December? a. $10,000 b. $7,000 c. $3,000 d. $0 27. How much revenue has Rehabilitation, Inc, earned in December? a. $10,000 b. $7,000 c. $3,000 d. $0 28. The adjusting journal entry on December 31 (omitting dollars) is ... a. Unearned Revenue Cash To reflect unearned revenue. c. Revenue Unearned Revenue To reflect unearned revenue b. Unearned Revenue Revenue To reflect unearned revenue d. Cash Revenue To reflect unearned revenue 29. Unearned revenue is also known as ... a. deferred expense. b. deferred revenue. c. earned revenue. d. cash paid. 30. The Cash ledger account is not used in adjusting entries. a. True b. False
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