Orange Co. sold six advertising spaces for P400 each, to be run in the November 2010 through April 2011 issues. Orange credited Unearned Advertising for P2, 400 on November 1. If Orange's year end is December 31, which of the following would be reflected in Orange's 2010 income statement? * Revenues of P800 Unearned Revenues of P800 Revenues of P1, 600 O Unearned Revenues of P1, 600 Rendering services on account will cause total assets, total liabilities and total owners' equity to: Remain unchanged, remain unchanged and remain unchanged, respectively Remain unchanged, decrease, and increase respectively Increase, remain unchanged, and remained unchanged, respectively Increase, remain unchanged and increase, respectively
Orange Co. sold six advertising spaces for P400 each, to be run in the November 2010 through April 2011 issues. Orange credited Unearned Advertising for P2, 400 on November 1. If Orange's year end is December 31, which of the following would be reflected in Orange's 2010 income statement? * Revenues of P800 Unearned Revenues of P800 Revenues of P1, 600 O Unearned Revenues of P1, 600 Rendering services on account will cause total assets, total liabilities and total owners' equity to: Remain unchanged, remain unchanged and remain unchanged, respectively Remain unchanged, decrease, and increase respectively Increase, remain unchanged, and remained unchanged, respectively Increase, remain unchanged and increase, respectively
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Orange Co. sold six advertising spaces for
P400 each, to be run in the November 2010
through April 2011 issues. Orange credited
Unearned Advertising for P2, 400 on
November 1. If Orange's year end is
December 31, which of the following would
be reflected in Orange's 2010 income
statement? *
O Revenues of P800
O Unearned Revenues of P800
O Revenues of P1, 600
O Unearned Revenues of P1, 600
Rendering services on account will cause
total assets, total liabilities and total owners'
equity to: *
Remain unchanged, remain unchanged and
remain unchanged, respectively
Remain unchanged, decrease, and increase
respectively
Increase, remain unchanged, and remained
unchanged, respectively
Increase, remain unchanged and increase,
respectively
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