- //// /- // / 14. A trial balance is described as: a. A list of accounts from the balance sheet b. A list of accounts and their balances c Income statement accounts ( All Accounts 15. The statement that is used to calculate if a company had a net income or a net loss is called Statement of Retained Earnings b. Statement of Net Income or Loss @ Income Statement Balance Sheet 16. Dividends are reported on the a income statement. b. retained earnings statement. balance sheet. a income statement and balance sheet. 17. If expenses are paid in cash, then a assets will increase. 5. liabilities will decrease c. stockholders' equity will increase. d. assets will decrease. 18. The double-entry system requires that each transaction must be recorded m. in at least two different accounts. b. in two sets of books. c. in a journal and in a ledger. d. first as a revenue and then as an expense. 19. A debit is not the normal balance for which account listed below? a. Dividends b. Cash C, Accounts Receivable & Service Revenue 20. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense