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. 

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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. 

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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. 

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19. The account credited in the adjusting entry made to record the expiration of a portion of prepaid rent is the ____________________ account. 

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20. An accumulated depreciation account is often referred to as a(n) ____________________ asset account. 

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21. If equipment has ____________________ value, it can be sold for additional use or for scrap. 

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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. 

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23. An accumulated depreciation account has a normal ____________________ balance. 

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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 ____________________. 

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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 ____________________. 

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26. Expense items that are acquired and paid for in advance of their use are called ____________________ expenses. 

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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. 

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28. On a worksheet, the adjusted balance of Supplies is extended from the Adjusted Trial Balance Debit column to the ____________________ Debit column. 

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29. On a worksheet, the adjusted balance of Depreciation Expense is extended from the Adjusted Trial Balance Debit column to the ____________________ Debit column. 

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30. When the liabilities and owner’s equity section is listed under the assets section, the firm is using the ____________________ form balance sheet. 

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