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Adjusting and closing entries are made differently in the combination journal and in the
general journal.
The accounting equation must remain in balance.
A computer workstation cost $28,000, has an expected life of 7 years, and an expected
salvage value of $7,000. Depreciation expense using the straight-line method will be
$3,000 per year.
The original cost of an asset less the trade-in or salvage value of an asset equals the
depreciable cost of that asset.
____________________ provides insurance for employees who suffer a job-related
illness or injury.
The sum of the debits must equal the sum of the credits on the trial balance.
Posting from the combination journal to the general ledger must be done at the end of
the month only.
The Federal Insurance Contributions Act requires employers to withhold FICA taxes
from employees' earnings.
