Use T-Mobile US, Inc.'s adjusted trial balance to answer the next two questions. It was prepared BEFORE closing entries. All amounts of in millions of dollars.

Adjusted Trial Balance December 31, 2022
	Debits		Credits
Cash and other current assets	19,067
Property and equipment, net	42,086
Goodwill and other long-term assets	150,185
Accounts payable and other current liabilities			24,742
Long-term liabilities			116,940
Common stock			65,941
Retained earnings			1,368
Dividends	243
Service revenues			61,323
Sales revenue			18,248
Cost of goods sold	36,206
Depreciation expense	13,651
Selling, general and administrative expenses	23,171
Interest expense	3,397
Income tax expense	556
Totals	$ 288,562		$ 288,562

1. T-Mobile's journal entry to close the revenue and expense accounts should include a:
   1. Credit to Sales revenue for $18,248 million.
   2. Debit to Income tax expense for $556 million.
   3. Debit to Retained earnings for $1,368 million.
   4. Credit to Retained earnings for $2,590 million.

1. The Retained earnings balance shown on T-Mobile's December 31, 2022 balance sheet (i.e., ENDING Retained earnings) is: ________.
   1. $4,201 million.
   2. $3,958 million.
   3. $3,715 million.
   4. $1,368 million.

1. On October 9, 2023, Plum Corporation sold merchandise to a customer for $2,000,000 on credit, FOB destination. Cost of the merchandise sold was $1,200,000. The customer paid for the purchase on October 14. Plum uses perpetual inventory system. What account should Plum Corporation debitwhen recording the October 14entry?
   1. Cash for $1,200,000.
   2. Cost of Goods Sold for $2,000,000.
2. Cash for $2,000,000.
3. Accounts Receivable for $2,000,000.

1. Lion, Inc, purchased merchandise from a supplier on October 1, 2023, for $100,000 on account. What entry would Lion use to record this purchase if the company uses perpetual inventory system?
   1. Accounts Payable 100,000

Inventory 100,000

1. Purchases 99,000

Accounts Payable 99,000

1. Inventory 99,000

Accounts Payable 99,000

1. Inventory 100,000

Accounts Payable 100,000

1. On a multiple-step income statement, income from operations is arrived at after considering all except:
2. administrative salaries.
3. interest expense.
4. marketing expense.
5. cost of goods sold.

T: - Mobile