many of the following statements regarding the trial balance are true A rial balance is inchdd in the full set of external fiancial statements, just like an income statement Ir debits equal credits in the unadjusted trial balance, you have made no errors in preparing and posting journal entries The balances for each account reported on an unadjusted trial balance are determined by adding the amounts on the side and subtracting the amounts on the "" side of each ledger or T-ccut A. None Two D. Three 150. Which of the following statements regarding revenues and expenses is true? A. Both revenues and expenses typically have credit balances B. Revenues and expenses are considered assets and liabilities, respectively Revenue is the same as Cash. decrease the amount of stockholders' equity 1S1. Melody's Piano School operations for the month of May are summarized in the following three transactions Provided S500 of instruction to students. . Received $700 cash from students of which $400 is for lessons provided in May, and $300 is for lessons provided in April. Paid April's piano rental bill of $100. Received May's bill of $1 50 but did not pay. What is Melody's Net Income for May using the cash basis of accounting? A. $250 B. S300 C. $350 D. S600 152. Which of the following would not be associated with an expense? A. Using supplies. Paying off an account payable C. Paying for electricity used by production equipment D. Paying wages for production workers 3. Which of the following is an expense of this period? ACosts of items used up this period but paid for next period. B. Costs of items paid for in this period but used up next period. Cost of land purchased and paid for this period. Repayment of debt from a loan in a prior period