An unadjusted trial balance is a list of accounts and balances prepared before adjustments are True False Outstanding checks, deposits in transit, deduction for bank fees, addition for interest, and errors cause the bank statement balance for a checking account to be different from the company's checking account balance. True False Ulrich had cost of goods sold of $6.7 million, ending inventory of $2.2 million, and average inventory day's sales in inventory equals: 120. 104. 60. 35. 180. Deposits in transmit are deposits made and recorded by the depositor but not yet recorded on the bank True False An internal control system consists of the policies and procedures companies use to protect assets, accounting, promote efficient operations, and adherence to company policies. True False The adjusting entry to record an accrued expense is: Increase an expense: increase a liability. Increase an asset; increase revenue. Decrease a liability; increase revenue. Increase an expense; decrease an asset. Increase an expense; decrease a liability. A trial balance prepared after adjustment have been recorded is called a(n): Balance sheet Adjusted trial balance. Unadjusted trial balance, Classified balance sheet. Unclassified balance sheet