1. Part 1 Multiple Choice Oerstin Mark 109 10-15 Identify where the normal balance will be for the following accounts. Put av Name of the Account Lermal Balance De Credit Building Owner's Drawing Accounts Payable What is meant by accrued revenue? Give one example 3. Given the credit terms 5/15; net 65? Is this company eligible for discount or not why? if yes calculate the discount in S? July 5 : Purchases: S 40,000 July 29: Net cash paid for July 5 purchases 4. What is meant by depreciation? Give an example, 5 What is the purpose of adjusting entries? Give an example of an account that need adjustment entries! Tar linn - Kad 6 How many times is a trial balance prepared in an accounting period? Why? 7. If the total expense of a company is 595.000 and sales revenue is $80,000. What is the net income or loss of the company! 8. What is meant by periodic inventory recording system