Question 49 Not yet answered Marked out of 1.00 P Flag question Which account will be included in the closing entries of both service and merchandising businesses? Select one: O a. Customer Refunds Payable O b. Advertising Expense C. Cost of Merchandise Sold O d. Merchandise Inventory Accounting and Finance Skills Development - Section A Question 77 lot yet answered Marked out of 1.00 Flag question How will the following adjusting journal entry affect the accounting equation? Unearned Subscription 11,500 Revenue Subscription Revenue 11,500 Select one: a. increase liabilities, increase revenues O b. ncrease assets, increase revenues C. decrease liabilities, decrease revenues d. decrease liabilities, increase revenues Question 20 Not yet answered Marked out of 1.00 P Flag question Select the best explanation for the following adjusting entry: Unearned Revenue 7,500 Fees Earned 7,500 ???????????????? Select one: O a. To record payment of fees earned. O b. To record fees that have not been earned at the end of the month. To record fees earned at the end of the month. O d. To record payment of fees to be earned