Hover over the missing word with your mouse to show the correct fill in the blank answer.
1. All income statement ——— are closed to the income summary account at year end.
2. The balance sheet consists of ——— that are not closed at year end.
3. The ——— is used as a holding account for income statement accounts before being closed to retained earnings.
4. Many companies use ——— to cancel out adjusting entries made in prior periods.
5. Adjusting journal entries are not used to record ——— expenses or unearned revenues.
6. After the financial statements are prepared, the ——— can be prepared to summarize the year end closing process.
7. Once adjusting entries are made, the ——— is created before financial statements are prepared.
8. After closing entries have been made, the ——— trial balance can be prepared.
9. The ——— is generally the third financial statement prepared in the accounting cycle.
10. The ——— is prepared by calculating changes in both income statement and balance sheet account balances.
of the accounting cycle with these quizzes.