218.
The process of transferring net income (or loss) for the period to Retained Earnings is accomplished by making ______________ entries.
219.
At the end of an accounting period, all revenue and expense accounts are closed to a temporary account called ______________.
220.
The Dividends account is closed to the ______________ account at the end of the accounting period.
221.
After all closing entries have been journalized and posted, the final step in the accounting cycle is to prepare a ______________ trial balance.
222.
The preparation of a ______________ and ______________ entries are two optional steps in the accounting cycle.
223.
Two permanent accounts that are part of the stockholders' equity in a corporation are ______________ and ______________.
224.
The four major classifications of assets in a classified balance sheet are: ________________, ________________, ________________ and ________________.
225.
The ______________ of a company is the average time that it takes to purchase inventory, sell it on account, and then collect cash from customers.
226.
Assets that do not have a physical substance yet often are very valuable are called ______________ assets.
227.
Liabilities are generally classified as either ______________ on a classified balance sheet.
______________
MATCHING 228. Match the items below by entering the appropriate code letter in the space provided. A. Worksheet B. Permanent accounts C. Closing entries
F. Common Stock G. Current assets H. Operating cycle
or