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12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost of goods sold plus operating expenses. net income and operating expenses. net sales and operating expenses. 16. Which of the following transactions will NOT result in the recognition of an expense? a. Accrued salaries at the end of a period. b. Interest accrued on a bank loan. Expiration of prepaid insurance. d. Crawings of cash by the sole proprietor of a business. 17. A purchase of inventory on account would include a debit to: a cost of goods sold. b., sales. Ir.erchandise inventory. accounts payable. 18. Operating Sales= $300,000 Cost of Goods Sold= $120,000 Expenses= $30,000 Find gross profit. a. $180,000 b. $150,000 c. $390,000 None of the above 19. Which of the following lists gives the correct sequence of accourting procedures? a financial statements, trial balance, ledger, journal b. journal, ledger, trial balance, financial statements c. ledger, trial balance, journal, financial statements financial statements, journal, ledger, trial balance