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When unearned revenue is initially recorded as revenue, the adjusting entry has the following effect on the financial statements: Question 2 Select one: a .
When unearned revenue is initially recorded as revenue, the adjusting entry has the following effect on the financial statements:
Question Select one:
a
Net income increases and assets decrease
b
Revenue increases and liabilities decrease
c
Net income increases and owner's equity decreases
d
Revenue decreases and owner's equity increases
e
Revenue decreases and owner's equity decreases
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