1: Match the descriptions to the related terms below. Write the corresponding letter in the blank. 1. Requires companies to record all transactions that can be expressed in terms of money 2. Unearned revenues are this type of account 3. A business owned by one individual 4. Revenues, expenses, dividends, retained earnings and common stock are all this type of account 5. This report proves that debits equal credits after posting is completed 6. This term indicates the buyer must pay the shipping charges 7. This account tracks the total amount of depreciation recorded since the asset was acquired 8. During the closing process, revenues are closed into this account 9. This inventory system updates inventory account for each inventory purchase and sale 10. Accounts receivable is this type of asset J A B C D E Depreciation expense F Economic entity assumption G H 1 Accumulated depreciation Asset Balance sheet Current asset FOB destination FOB shipping point Income statement Income summary K L M N O P Q R