1) Fill in the blanks below with the appropriate terminology. (a) Revenue accounts increase equity, and revenue earned is recorded as a in the revenue account. (b) Expenses decrease equity, and money spent on expenses is recorded as a in the expense accounts. (c) The name of the statement that presents the revenue, expenses, and net income (or net loss) is the (d) An inflow of assets from customers, earned from the sale of goods or services, is (e) The costs of goods and services used by a company to bring in revenue are ( When revenue is greater than expenses, the difference is (9) When expenses are greater than revenues, the difference is (h) The twelve-month period from January 1 to December 31 is called the 2) (a) One of the first steps in locating an error when the trial balance is out of balance is to calculate (b) By dividing the difference by two you may be able to locate some errors, such as (c) A difference of 1, 10, or 100 is often caused by (d) A difference that is evenly divisible by 9 may identify 3) Use check marks to indicate where each of the following items should appear: Income Statement Balance Sheet Account Name (a) Fees Earned (b) Accounts Payable (c) Owner's Drawings (d) Advertising Expense (e) Building (f) Accounts Receivable (9) Equipment (h) Salaries Expense (1) Utilities Expense