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A receipt called a petty cash voucher should be prepared for every payment from the
petty cash fund.
The ____________________ requires employers to pay overtime at 1 1/2 times the
regular rate to any hourly employee who works over 40 hours in a week.
A(n) ____________________ is a computerized system based on a software package
that performs all payroll record keeping and prepares payroll checks.
A post-closing trial balance is used to prove the equality of debit and credit balances in
the general ledger accounts after the closing entries have been posted.
The column in the combination journal where the account number is entered after
posting is the ____________________.
The Description column of a two-column journal is used to enter the titles of the
accounts affected by each transaction, together with a description of the transaction.
The check written to establish the petty cash fund is recorded in the journal by crediting
Cash and debiting Petty Cash.
The ____________________ is a method of accounting under which revenues are
recorded when earned and expenses are recorded when incurred.
To close the income summary account with a credit balance, debit the account for its
balance and credit the drawing account.
A list of all accounts (account titles) used by a business is called a(n)
____________________.
