On March 1, a Company Collects Revenue in Advance for the Next

question 38

Multiple Choice

On March 1, a company collects revenue in advance for the next twelve months and credits a liability account. The adjusting entry at year end on the end-of-period spreadsheet would

• A) increase a liability account
• B) decrease an asset account
• C) decrease a revenue account
• D) decrease a liability account

---

Definitions:

American Women

Females belonging to or residing in the United States, contributing to its society, culture, and history in diverse ways.

World War I

A global conflict that took place from 1914 to 1918, involving many of the world's nations and resulting in significant geopolitical changes and casualties.

Great Steel Strike

A major labor strike in 1919 involving steelworkers across the United States, seeking better working conditions, wages, and the right to unionize.