25. Net sales for the period were A) $77,500. B) $73,500. C) $75,500. D) $72,500. 26. Net cost of purchases for the period were A) $15,000. B) $18,000. C) $21,000. D) $43,000. 27. Cost of goods sold for the period was A) $16,000. B) $23,500. C) $20,000. D) $17,000. 28. Wages payable is a type of expense. A) True B) False 29. Another name for the ledger is the book of original entry. A) True B) False 30. An increase in an asset is recorded by a debit. A) True B) False 31. Unearned revenues are classified as liabilities on the balance sheet. A) True B) False 32. Owner's withdrawals are classified as an expense. A) True B) False 33. A decrease in a liability is recorded by a debit. A) True B) False se the following to answer questions 25-27: Debit cre Account Name les ales Returns and Allowances iles Discounts urchases urchases Returns and Allowances 'eight In lling Expenses neral and Administrative Expenses 1,500 1,000 17,000 2,000 3,000 7,500 27,500 addition, beginning merchandise inventory was $5,500 and ending merchandise inventory was $3,500