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The net income or loss for the year can be found on the work sheet as the balance item
at the bottom of either the Balance Sheet columns or the Income Statement columns.
If services for the month total $3,300 in cash and $700 on account, Accounts
Receivable increases $700.
The ____________________ column in the combination journal is used to debit
accounts that are used infrequently.
A separate explanation of each closing entry is necessary.
If the cash short and over account has a debit balance at the end of the fiscal year, the
balance represents a revenue.
To a business, cash includes currency, coins, checks, money in the checking accounts,
money orders, and bank cashier's checks.
The modified cash basis of accounting combines aspects of the cash method of
accounting and the accrual method of accounting.
