Question :
Fill in the Blank Questions
16. A(n) ____________________ a comparison of the : 1197835
Fill in the Blank Questions
16. A(n) ____________________ is a comparison of the general ledger accounts with debit balances to the general ledger accounts with credit balances to make sure that the debit and credit totals are equal.
________________________________________
17. The difference between the debit balance of the Equipment account and the credit balance of the Accumulated Depreciation—Equipment account is called the ____________________ of an asset.
________________________________________
18. The Supplies account had a balance of $1,200 when a physical count indicated that supplies on hand totaled $400. This means that supplies in the amount of ____________________ were used during the accounting period.
________________________________________
19. The account credited in the adjusting entry made to record the expiration of a portion of prepaid rent is the ____________________ account.
________________________________________
20. An accumulated depreciation account is often referred to as a(n) ____________________ asset account.
________________________________________
21. If equipment has ____________________ value, it can be sold for additional use or for scrap.
________________________________________
22. When the ____________________ method of depreciation is used, an equal amount of depreciation is charged to each accounting period during the asset’s useful life.
________________________________________
23. An accumulated depreciation account has a normal ____________________ balance.
________________________________________
24. The process of allocating the cost of a long-term asset as an expense of operations during the asset’s expected useful life is known as ____________________.
________________________________________
25. The process of updating accounts at the end of an accounting period for previously unrecorded items that belong to the period is referred to as making ____________________.
________________________________________
26. Expense items that are acquired and paid for in advance of their use are called ____________________ expenses.
________________________________________
27. A(n) ____________________ is prepared at the end of each accounting period to organize and summarize the data needed for the preparation of the financial statements.
________________________________________
28. On a worksheet, the adjusted balance of Supplies is extended from the Adjusted Trial Balance Debit column to the ____________________ Debit column.
________________________________________
29. On a worksheet, the adjusted balance of Depreciation Expense is extended from the Adjusted Trial Balance Debit column to the ____________________ Debit column.
________________________________________
30. When the liabilities and owner’s equity section is listed under the assets section, the firm is using the ____________________ form balance sheet.
________________________________________
