1) A trial balance prepared after closing entries have been journalized and posted is called a ___________________________________.

2) Journal entries made at the end of an accounting period to prepare the revenue, expense, and withdrawal accounts for the upcoming year and update the owners capital account for the events of the year just finished are called_________________________________.

3) A reduction given by the seller for prompt payment of a credit sale is called __________________________.

4) The excess of net sales over the cost of goods sold is called ____________________.

5) A multiple column form that may be used in the adjustment process and in preparing financial statements is called a ______________________.