Select all that apply Describe the effect of the adjusting entry to show the earned amount of a
previously recorded unearned revenue on the income statement and on the
balance sheet by choosing the correct statements below. (Check all that
apply.)
O A revenue account is increased.
Total liabilities are reduced.
Net income is increased.
Total liabilities are increased.
A liability (unearned revenue) will be reduced.
Net income is reduced.

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)