Journalizing and piling the adjustments and closing entries updates the ledger for the new accounting period. _ 22 A work sheet heading is dated foe a period of time credit column _ 23. After Net Income or Loss is entered on the work sheet. the debit column total must equal 1 total for the Balance Sheet pair of columns the Journal or post _ 24. Since the adjustments are entered on the work sheet, it is not necessary to record them them to the ledger. _ 25. Real accounts arc apt permanent account Match each transactions with its effect on the accounting equation Each letter may than one a. Increase assets increase liabilities b. Increase liabilities decrease owner sedulity c. Increase assets increase owner's equity d. No effect e. decrease assets decrease liabilities f. decrease assets, decrease owner's equity 26.Received cash for services provided 27. Investment of land by owner 28. paid cash for the purchase of a one year insurance policy 29. Received payment from a customer on account 30. Cash withdrawal by owner 31. Paid wages 32. Cash investment by owner 33 borrowed money from a bank 34. Purchased equipment for cash 35. Used up supplies that were already on hand