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On December 1, 2015, Carrie's Day Care receives $1500 in advance for an agreement to care for Susan's children for the months of December, January, and February. Carrie's Day Care will make an adjusting entry on December 31, 2015 to: Revenue for $1500. debit Unearned Revenue for $500. credit Revenue for $1000. Deere Company holds a $4800 note receivable dated July 1, 2015, with 10% interest. What adjusting entry is needed on December 31, 2015? No entry is needed. Debit Interest Receivable for $48 and credit Interest Revenue for $48 Debit Interest Receivable for $480 and credit Interest Revenue for $480 Debit Interest Receivable for $240 and credit Interest Revenue for $240 A Trial Balance Worksheet can be used to prepare: income statement. balance sheet. statement of retained earnings. all of the above. Assume the balance in the Retained Earnings account at January 1, 2017 is zero, and no dividends are declared in 2017. If a debit balance of $6000 exists in Retained Earnings after closing out revenues and expenses at the end of 2017 this indicates: that the company had net income of $6000. the company had a net loss of $6000, a decrease in cash of $6000. an increase in cash of $6000. All of the following accounts are closed EXCEPT for: Service Revenue. Dividends. Utilities Expense. Cash

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