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Which of the following elements of financial statements is not a component of comprehensive income? a. Distributions to owners b. Losses c. Revenues d. Expenses Paulette received $12, 000 from a tenant on December 1 for four months' rent of an office. This rent was for December, January, February, and March. If Paulette debited Cash and credited Unearned Rental Income for $12, 000 on December 1, what necessary adjustment would be made on December 31? The Supplies on Hand account balance at the beginning of the period was $6, 600. Supplies totaling $12, 825 were purchased during the period and debited to Supplies on Hand. A physical count shows $3, 825 of Supplies on Hand at the end of the period. The proper journal entry at the end of the period a. debits Supplies Expense and credits Supplies on Hand for $12, 825. b. debits Supplies Expense and credits Supplies on Hand for $15, 600. c. debits Supplies on Hand and credits Supplies Expense for $9, 000. d. debits Supplies on Hand and credits Supplies Expense for $15, 600. An example of an adjusting entry involving a deferred revenue is As independent (or external) auditors, CPAs are primarily responsible for a. filing financial statements with the SEC. b. preparing financial statements in conformity with GAAP. c. certifying the accuracy of financial statements. d. expressing an opinion as to the fairness of financial statements. The balance in a deferred revenue account represents an amount that is

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