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The End of the Accounting Cycle

DE Acct 1-Chp 5
Horizontales
Accounts whose balances are carried over to the next accounting period. (2 words)
Also know as Temporary Accounts (2 words)
Asset that indicates amounts owed by customers. (2 words)
Left
The owner's investment of equity in the company.
Process of calculating the latest up-to-date balance of each account at the end of the cycle.
Verticales
Amounts owed to creditors that result from the purchase of goods or services on account. (2 words)
Right
Someone who has a claim to assets.
Allocation (spreading) of the cost of an asset (such as an auto or equipment) over its expected useful life.
Journal entries that are prepared to reset all temporary accounts to zero and update the capital account. (2 words)