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26) Choose one: A) It is possible for the Income Statement to balance B) The...

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Accounting

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26) Choose one: A) It is possible for the Income Statement to balance B) The Income Statement always balances C) The Income Statement never balances 27) Consider the following list of accounts: Cash Service Revenue Salaries Expense Accounts Payable Equipment Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of these accounts have a normal debit balance? A) Four. B) Five. C) Seven. D) Six. 28) After the Third STEP in the Operating Cycle the firm has? A) Inventory B) None of the other three C) Account Receivable D) Cash

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