On June 1, Benson Corporation received $1,800 as advance payment for 12 months' advertising. The receipt was recorded as an increase to Unearned Fees. What adjustment is required on December 31? Select one: a. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S - EXPENSE ASSETS = LIABILITIES + EQUITY REVENUE Unearned Fees Advertising Revenue -750 +750 +750 b. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S - EXPENSE ASSETS = LIABILITIES + EQUITY REVENUE Unearned Fees Advertising Revenue -900 +900 +900 C. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS = LIABILITIES + EQUITY REVENUE EXPENSE Unearned Fees Advertising Revenue +1,050 -1,050 -1,050 d. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS = LIABILITIES + EQUITY REVENUE - EXPENSE Unearned Fees Advertising Revenue -1,050 +1,050 +1,050

On June 1, Benson Corporation received $1,800 as advance payment for 12 months' advertising. The receipt was recorded as an increase to Unearned Fees. What adjustment is required on December 31? Select one: a. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S - EXPENSE ASSETS = LIABILITIES + EQUITY REVENUE Unearned Fees Advertising Revenue -750 +750 +750 b. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S - EXPENSE ASSETS = LIABILITIES + EQUITY REVENUE Unearned Fees Advertising Revenue -900 +900 +900 C. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS = LIABILITIES + EQUITY REVENUE EXPENSE Unearned Fees Advertising Revenue +1,050 -1,050 -1,050 d. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS = LIABILITIES + EQUITY REVENUE - EXPENSE Unearned Fees Advertising Revenue -1,050 +1,050 +1,050

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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