rthe lanatio us Os 1 Interest Revenue:- a. Balance Sheet And Asset Account b. Balance Sheet And Liability Account c. Balance Sheet And Owners' Equity Account d. Income Statement Account e. Statement Of Retained Earnings Account 2. Interest Expense: - a. Balance Sheet And Asset Account b. Balance Sheet And Liability Account c. Balance Sheet And Owners' Equity Account d. Income Statement Account e. Statement Of Retained Earnings Account 3. Notes Pavable: - a. Balance Sheet And Asset Account b. Balance Sheet And Liability Account c. Balance Sheet And Owners' Equity Account d Income Statement Account e. Statement Of Retained Earnings Account 4. Expenses are recognized when:- a. they contribute to the production of revenue b. they are paid c. they are billed by the supplier d. the invoice is received 5. American Importers reports net income of $60,000 and cost of goods sold of $540,000. If the company's gross profit rate was 40%, net sales were:- a. $900,000 b. $1,350,000 c. $1,410,000 d. $990.000