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The terms "profit and loss statement" or "operating statement" are sometimes used as
synonyms for the balance sheet.
The original cost of an asset added to its salvage value represents the depreciable cost
of an asset.
When two digits in a debit or credit amount are reversed, a(n) ____________________
has occurred.
If the revenue of a period exceeds the expenses, the excess represents a net loss.
George Smyth opened a computer repair business on Apr. 1, 20--. During the first
month of operations, the firm had the following transactions. Record these transactions
on page 1 of the general journal. Omit explanations. Post appropriate transactions to the
general ledger.
The ____________________ is the small fraction printed in the upper right-hand corner
of a check used to sort and route checks throughout the banking system.
To ____________________ an account means to enter an amount on the right side of
the account.
A(n) ____________________ is a journal with special and general columns.
The owners of a corporation are called ____________________.
Since insurance lasts for several months, it is recorded as owner's equity.
