If a company initially records a deferred revenue as a liability, an adjusting entry must be made at the end of the period to increase the liability account

On September 1 the Petite-Sizes Store paid $15,000 to the Mega-Mall Co. for 3 months' rent beginning September 1. Prepaid Rent was debited for the payment. If Petite-Sizes Store prepares financial statements on September 30, the appropriate adjusting journal entry to make on September 30 would be a

A) $10,000 debit to Prepaid Rent and a $10,000 credit to Rent Expense. B) No adjusting entry is necessary. C) $5,000 debit to Prepaid Rent and a $5,000 credit to Rent Expense. D) $5,000 debit to Rent Expense and a $5,000 credit to Prepaid Rent. E) $10,000 debit to Rent Expense and a $10,000 credit to Prepaid Rent.

Which of the following statements is true about corporations subject to the reporting requirements of the Securities Exchange Act of 1934?

A. The annual report (Form 10-K) need not include audited financial statements. B. The annual report (Form 10-K) must be filed with the SEC before the end of the corporation's fiscal year. C. A quarterly report (Form 10-Q) need only be filed with the SEC by those corporations that are also subject to the registration requirements of the Securities Act of 1933. D. A report (Form 8-K) must be filed with the SEC after a material important event occurs.