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An increase or decrease in any asset, liability, owner's equity, revenue, or expense is
always accompanied by an offsetting change within the basic accounting elements.
From the following partial work sheet for Walter Searing, journalize the closing entries
necessary for month-end and prepare a post-closing trial balance.
Most businesses recognize ____________________ when earned, even if cash has not
yet been received.
The employer FICA tax is levied on employers at the same rate and on the same
earnings bases as the employee FICA tax.
The ____________________ is a supply of currency and coins kept in a cash drawer
for use in handling cash transactions.
____________________ involves the application of standard review and testing
procedures to be certain that proper accounting policies and practices have been
followed.
The difference between the balance in the cash account on the depositor's books and the
bank's books is usually due to timing.
____________________ are checks written by a depositor and paid by the bank.
