Multiple Choice
The year-end adjustment to recognize one month's work on the three-month contract results in a $2,000 decrease in liabilities (unearned revenue) and an increase in equity (retained earnings due to recognizing revenue) .
The following account balances were drawn from the 2016 financial statements of Grayson Company:
-Prior to closing,Syracuse Company's accounting records showed the following balances:
After closing,Syracuse's retained earnings balance would be
A) $16,800.
B) $23,700.
C) $21,000.
D) $26,400.
Correct Answer:
Verified
Correct Answer:
Verified
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