Problem: Failure to record the adjustment to recognize revenue initially recorded as unearned revenue: a) Understates liabilities b) Understates revenue c) Overstates expenses d) Understates assets e) Overstates equity

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Problem Details

Failure to record the adjustment to recognize revenue initially recorded as unearned revenue:

a) Understates liabilities

b) Understates revenue

c) Overstates expenses

d) Understates assets

e) Overstates equity

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Our tutors have indicated that to solve this problem you will need to apply the Adjusting Entries: Unearned Revenue concept. You can view video lessons to learn Adjusting Entries: Unearned Revenue. Or if you need more Adjusting Entries: Unearned Revenue practice, you can also practice Adjusting Entries: Unearned Revenue practice problems.

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What professor is this problem relevant for?

Based on our data, we think this problem is relevant for Professor Reinking's class at UCF.