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Problem 4-2 True / False Questions If this problem is assigned as a homework turn-in. remove and use the answer sheet on Pg 207 to record and turn-in your answers. T Circle True or False for the following questions: F 1. Revenue accounts will always start each new accounting period with a beginning balance of zero. T F 2. Expense accounts will always start each new accounting period with a beginning balance equal to all of the debit entries that were made into the expense account during the previous accounting period. 3. Credit amounts entered into the Sales Revenue account increase the account balance and will ultimately increase Retained Earnings. T F T F 4. Debit amounts entered into an expense account increase the expense account and will ultimately decrease Retained Earnings. 5. The Cost of Goods Sold account is an asset account similar to the Inventory account T F T F 6. Some of the revenue and expense accounts are used to prepare the income Statement, and some of the revenue and expense accounts appear on the Balance Sheet. T F 7. If there was no need to prepare the income Statement, then there would be no need to have revenue and expense accounts. T F 8. A company will have a Net Loss when the sum of all the expense accounts is greater than the sum of all the revenue accounts. T F 9. When a sale is made to a customer on credit, there is no entry made to the Sales Revenue account because no cash has been received. T F 10. The Retained Earnings amount needed for the Balance Sheet can be calculated as follows: the current balance in the Retained Earnings account, plus the sum of the revenue account balances, less the sum of the expense account balances. Problem 4-3 Gray Co. Revenue and Expense Accounts This additional problem is located in the Word file named Chapter 04 Additional Problem.doc. To print this additional problem, open the file using your Word application