| A | B |
|---|
| Cost | ____ of Goods Sold is Beginning Inventory plus Purchases minus ending Inventory |
| income | The account used to adjust Merchandise Inventory is ____ Summary |
| temporary | Purchases is a ______ account |
| credit | If beginning inventory is $80,000 and ending inventory is $60,000 the adjusting entry would be a ______ to Merchandise Inventory |
| statement | On a worksheet, Sales is extended from the trial balance to the Income _____ credit column |
| balance | On a worksheet, FICA Tax Payable is extended from the trial balance to the _______ sheet credit column |
| Asset | Merchandise Inventory is a/an ___________ |
| Liabilities | Assets, _____, & Owners' Equity Accounts are listed on the Balance Sheet |
| first | The _____ financial statement prepared after completing the worksheet is the Income Statement |
| Merchandise | The income statement has 3 main headings: Revenue, Cost of _____ Sold and Expenses |
| Equity | A financial statement that summarizes the changes in owners' equity during a fiscal period is an Owners' ____ statement |
| last | The Balance Sheet is the ______ financial statement prepared |
| gross | Sales less cost of goods sold is called ___________ profit |
| deducted | Gross Profit on Sales is the amount remaining after Cost of Merchandise sold has been _____ from revenue |
| zero | After closing, temporary accounts have a _____ balance |
| expense | All _________ accounts are closed at the end of the accounting cycle |
| credited | When revenue accounts are closed, teh Income Summary account is _____ |
| closed | The Income Summary Account is ___________ to the Owner's Capital Account |
| distribution | A partnership's financial statement showing net income or net loss distributed to each partner is called a ___________ of Net Income Statement |
