Unearned Revenue is reported on the Income Statement True False When cash is collected in advance from a customer, the proper journal entry is Cash Unearned Revenue Unearned Revenue Service Revenue Cash Sales Revenue Service Revenue Cash Unearned Revenue Cash Payroll taxes withheld from an employee's paycheck are an expense to the employer. True False Which of the following are true regarding Notes Payable? Select all that apply. Flexible maturity date Fixed maturity date No written documents required Stronger legal claim for creditor compared to accounts receivables Receipt of interest Interest expense is computed as: Amount Borrowed / Monthly Interest Rate * Number of Months the Note is Outstanding Amount Borrowed / Annual Interest Rate / Time Amount Borrowed * Annual Interest Rate * Time Amount Borrowed * Monthly Interest Rate * Number of Months the Note is Outstanding When computing interest expense, the denominator used for the time is always either 12 or 360, depending on whether the note is stated in terms of months or days. True False Long-term debt, such as a mortgage payable, is always reported as a long-term liability. O is always reported as a current liability. is separated into the current amount and long-term amount on the Balance Sheet None of the answers is correct. Bonds are a form of interest-bearing Notes Payable issued by the company True False