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The difference between the footings of an account is called the balance.
A(n) ____________________ exempts a specific dollar amount of an employee's gross
pay from federal income tax withholding.
On December 31, 20--, after adjustments, Tuscany Company's general ledger contains
the account balances as shown on the partially completed work sheet below. Journalize
the (four) closing entries necessary at the end of December.
The statement of owner's equity is prepared from information from the asset and
liability accounts.
Journalizing payroll taxes for the employer will require several debit entries but only
one credit entry.
A(n) ____________________ consists of a stamp or written signature and in some
cases other important information on the back of the check.
Adjustments at the end of the period are not formally entered in the journal or posted to
the accounts.
