The following accounts the one that normally has a

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6. Of the following accounts, the one that normally has a credit balance is: A. Cash B. Office Equipment. C. Sales Salaries Payable. D. Owner, Withdrawals. E. Sales Salaries Expense. 3
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7. A balance column ledger account is: 8. The time period principle assumes that an organization's activities can be divided into specific time periods including:
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9. Profit margin is defined as: 10. A trial balance prepared before any adjustments have been recorded is: A. An adjusted trial balance. B. Used to prepare financial statements. C. An unadjusted trial balance. D. Correct with respect to proper balance sheet and income statement amounts. E. Only prepared once a year. 5
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On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) items and amounts: Problem #1 (25 points )
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Christopher Reinemann
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