Which of the following statements concerning liabilities is incorrect? O Aliability occurs as a result of present obligations. Liabilities include prepaid expenses. A liability is an obligation to make future payments of assets or services. O Aliability arises from a past event. Which of the following journal entries represents the initial recording of an unearned revenue transaction? debit to unearned revenue $1,500, credit to sales $1,500 O debit to cash $1,500, credit to sales $1,500 debit to cash $1,500, credit to unearned revenue $1,500 debit to prepaid expenses $1,500, credit to cash $1,500 Sales taxes collected from customers are contra revenues. revenues. liabilities. expenses. All of the following are intangible assets except: patents. copyrights. research costs. O trademarks