Fill in the blanks with the correct terms from the list below.
Adjusting entry ..........................................depreciation
Book value .................................................historical cost
Worksheet ..................................................Accrued Salaries
Useful life ...................................................Accumulated Depreciation
Residual value ...........................................contra-asset account

1. The number of years over which an asset is depreciated is the asset’s ____________.
2. A(n) ____________ is an account that is subtracted from its related asset account on the balance sheet.
3. The cost of an asset less its accumulated depreciation is the asset’s ____________.
4. The ten-column form used to organize the data necessary for journalizing the adjustments and preparing the financial statements is the ____________.
5. The expected worth of an asset at the end of its useful life is its ____________.
6. ____________ is a liability account that records salaries that have been earned by employees but not yet been paid.
7. A journal entry made at the end of an accounting period that brings the ledger up to date is called a(n) ____________.
8. ____________ is the actual cost of an asset.
9. The allocation of the cost of an asset over its expected useful life is called ____________.
10. The ____________ account accumulates the amount of depreciation that has been taken on an asset.