The concept that assists accountants in determining when to recognize revenue in the accounts is the O A. cost principle B. time-period assumption OC. recognition criteria for revenue OD. matching objective If the adjusting entry to record the current periods prepaid rent expired is omitted: O A. current liabilities will be understated O B. current assets will be understated O C. current liabilities will be overstated OD. current assets will be overstated Pattie's Event Planning Service collects the fees from its customers in advance. At January 1, 2019, the balance of the unearned revenue account was a credit of $4,000. During January and February, the company collected $2,000 and $1,000 respectively. During the two-month period, the company rendered services of $5,500. At the end of February, he unadjusted trial balance will show what balance in unearned revenues? A. debit balance of $7,000 B. credit balance of $1,500 C. credit balance of $7,000 OD. debit balance of $1,500 The entry for amortization has what effect on the financial statements? O A. Decreases net income and increases assets O B. Increases expenses and decreases assets O C. Decreases assets and increases liabilities D. Increases assets and decreases liabilities