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Entering financial information about events into the accounting system is called
____________________.
Businesses might set up special journal columns for different accounts depending on the
frequency of their use.
____________________ are items that the bank adds to a depositor's account.
Entering transactions in a journal is called posting.
The columns of the work sheet that report the adjusted balances for only revenue and
expense accounts are the ____________________ columns.
If the total credits exceed total debits in the Income Statement columns of the work
sheet, the business has had a net loss.
Joe Maxwell is opening a new accounting practice. Journalize the following
transactions in a combination journal. Use the modified cash basis. Total, rule, and
prove the journal.
In an electronic system, only the employee number and hours worked need to be
entered into a computer each pay period.
