Recording Business Transactions | 3-21 NAME: SECTION: Fill in the Blanks 1. A months. 2. SCORE: PROFESSOR: is an accounting period that runs for any 12 consecutive are prepared for parts of a fiscal year (monthly, quarterly). 3. The positive balance of each account is referred to as its 4. The process of recording transactions in a journal is called 5. Entries are journalized in a 6. A ledger is often called a 7. The portion of a journal entry is indented and placed below the portion. 8. A journal entry requiring three or more accounts is called a 9. Prepaid rent is a(n). on the balance sheet. 10. When supplies are used up or consumed, they become a(n). 11. The book of original entry usually refers to a(n). 12. The process of transferring information from a journal to a ledger is called 13. deals with the process of updating the PR of the journal from the account number of the ledger to indicate to which account in the ledger information has been posted. 4. Recording P885.000 as P85.50 is an example of a 5. 6. The process of determining the balance of an account starts with 7. The accounts. 8. A A accumulate information in a book called the ledger. indicates the names and numbering system of is a group of accounts. is an informal report that lists accounts and their balances.