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  3. 1. accrued revenues are a. received and recorded a

1. Accrued revenues are a. received and recorded as liabilities before they are earned. b....

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Accounting

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1. Accrued revenues are a. received and recorded as liabilities before they are earned. b. earned and recorded as liabilities before they are received. c. earned but not yet received or recorded. d. earned and already received and recorded. 2. Lars Richards, CPA, has performed $2,000 of accounting services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Lars make? a. debit Cash and credit Unearned Revenue b. debit Accounts Receivable and credit Unearned Revenue c. debit Accounts Receivable and credit Service Revenue d. debit Unearned Revenue and credit Service Revenue 3. Listed below are some of the steps required to complete the accounting cycle. Fill in the blanks with the appropriate step in the accounting cycle. 1. Analyze business transactions. 2. 3. Post to general ledger accounts. 4. Prepare a trial balance. 5. 6. 7. 8. Journalize and post-closing entries. 9

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