Unearned revenues are: received and recorded as liabilities before they are recognized. recognized and recorded as liabilities before they are received recognized but not yet received or recorded. recognized and already received and recorded. 5 Question 11 (1 point) The Vintage Laundry Company purchased $8,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1,500 on hand. The adjustment that should be made by the company on June 30 is: increase Supplies Expense, $1,500; decrease Supplies, $1,500 increase Supplies, $7.000; decrease Supplies Expense, $7,000. increase Supplies, $1,500; decrease Supplies Expense, $1,500. increase Supplies Expense, $7,000; decrease Supplies, $7,000. 18 Question 12 (1 point) On January 1, 2022, M. Johanson Company purchased equipment for $54,000. The company is depreciating the equipment at the rate of $750 per month. The book value of the equipment at December 31, 2022 is: $0. $9.000. $45,000. $54,000