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The amount of depreciation taken each period will be the same using the straight-line
method.
A trial balance is a formal business report.
According to the business entity concept, a proprietor may include nonbusiness assets
and liabilities in the business entity's accounting records.
The ____________________ account is credited for the Social Security tax withheld
from an employee's earnings.
Property, plant, and equipment are assets that are expected to serve the business for
many years.
The ____________________ column in the combination journal is used to enter the
account titles for the General Debit and General Credit columns, identify specific
creditors when assets are purchased on account, and identify amounts forwarded.
____________________ will be converted into cash or consumed within either one
year or the normal operating cycle of the business, whichever is longer.
Employers are required to file an annual report of federal unemployment tax using
____________________.
To close a revenue account with a credit balance, credit the account for its balance and
debit the income summary account.
Under the modified cash basis of accounting, no accounts receivable are entered in the
accounting system.
