19.

Entries required at the end of an accounting period to bring certain account balances up-to-date are known as adjusting entries.

True

False

20. A(n) ................... journal is designed for recording only certain kinds of transactions.

21. A(n) .................... journal is designed for recording only certain kinds of transactions.

22.

After aging the accounts receivable, it is estimated that $790 will not be collected and the allowance account has an existing debit balance of $230. The adjusting entry under the aging approach would be for the amount of

a. $560.

b. $1,020.

c. $230.

d. $790.

23. Sales Discounts is an example of a(n) ...................... account.