Use the following information about Jupiter Corporation to answer the next four questions. / Jupiter Corporation paid $9,600 on April 1, 2020 for two years of advertising on a local radio. The ads started April 1, 2020 and will run until March 31, 2022. Jupiter Corporation fiscal year ends December 31. The company records adjusting entries only at year end. a. $9,600 b. $6,000 c. $4,800 d. $3,600 e. $1,200 2. What balance is shown for Prepaid Advertising on Jupiter Corporation's December 31, 2020 Balance Sheet? a. $9,600 b. $6,000 c. $4,800 d. $3,600 e. $1,200 3. What balance is shown for Advertising Expense on Jupiter Corporation's fiscal year 2021 Income Statement? a. $9,600 b. $6,000 c. $4,800 d. $3,600 e. $1,200 4. What balance is shown for Prepaid Advertising on Jupiter Corporation's December 31, 2021 Balance Sheet? a. $9,600 b. $6,000 c. $4,800 d. $3,600 e. $1,200 5. Which of the statements is TRUE? a. A company will always record a revenue at the time cash is received. b. Depreciation Expense is a contra asset account. c. A company will always record an expense at the time cash is paid. d. A company will sometimes record an expense at the time cash is paid. 6. If a company fails to make an adjusting entry at the end of the period for depreciation of equipment, this will result in: a. Total Liabilities being understated on the Balance Sheet. b. Total Assets being overstated on the Balance Sheet. c. Total Assets being understated on the Balance Sheet. d. Total Liabilities being overstated on the Balance Sheet. 7. Failure to record an adjusting entry for utility expense incurred but not yet paid at the year end will result in an: a. overstatement of net income. b. understatement of assets. c. overstatement of liabilities. d. understatement of stockholders' equity. 8. Which of the following is NOT an application of accrual accounting? a. Recognizing revenues when earned and expenses when incurred. b. Recording revenues and expenses on the date of cash receipt or cash payment. c. Applying the matching rule. d. Adjusting the accounts. 9. When a company records revenue, this transaction could also decrease: a. an asset. b. an expense. c. a liability. d. stockholders' equity