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Unearned revenue is classified as a(n) liability. revenue account. asset account. equity account. Accounts receivable arising from sales to customers amounted to $35,000 and $40,000
Unearned revenue is classified as a(n) liability. revenue account. asset account. equity account. Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Net income reported on the income statement for the year was $120,000. Ignoring the effect of any other adjustments, the cash flow provided (used) by operating activities, prepared using the indirect method, is $155.000 $115,000. $120,000. $125,000. On February 15, a local business receives an invoice for electricity used in the month of January and pays it on March 1. In which month should the business recognize the expense? January No expense should be recorded. February March
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