1. Which of the following accounts has a normal credit balance?
   1. Interest Receivable
   2. Dividends
   3. Interest Payable
   4. Utilities Expense
   5. Income Tax Expense
2. True or False: When formatting a T-account, a horizontal line should be written above the account balance amount.
   1. True
   2. False
3. Which financial statement is usually prepared first?
   1. The statement of stockholders equity
   2. The statement of cash flows
   3. The income statement
   4. The balance sheet
4. Which inventory system(s) record sales revenue at the time of the inventorys sale?
   1. The perpetual system only
   2. The periodic system only
   3. Both the perpetual and periodic systems
5. Which inventory system(s) records the cost of goods sold at the time of the inventorys sale?
   1. The perpetual system only
   2. The periodic system only
   3. Both the perpetual and periodic systems