Services follow Problem 2 Closing Entries: The adjusted trial balance of Carson's Internet CARSON'S INTERNET SERVICES Adjusted Trial Balance December 31 s 1,170 Cash Prepaid insurance 5 5,400 325 13,925 equipment Gaines, Capita CGaimes, Withdrawals 4,800 21,720 Supplies expense $41,370 $41,370 Prepare the four closing entries necessary Accounts and Explanations Credit What is the balance of Carson Gaines' capital account after the closing entries are posted? Problem 3-Matching: Match the following terms with the appropriate definition A Debit memorandum B. Credit period C. Credit terms D. Credit memorandum E. Discount period F. Gross profit G. Periodic inventory system H. Perpetual inventory system I. Sales discount J. Purchase discount 1. An invent ory accounting method that continually updates accounting records for inventory available for sale and inventory sold. inventory accounting method that updates the accounting records for merchandise transactions only at the end of a period 3. The time period in which reduced payment can be made by the buyer because of a offered by a seller of goods on credit 4. A notification that informs the seller of a debit made to the seller's account payable in the buyer's 5. A cash discount granted, from the view of the purchaser intended to encourage buyers to pay 6. A notification that informs a buyer of a seller's credit to a buyer's account. -7. A cash discount granted from the view of the seller, indicated in the credit terms on the invoice 8. The calculation of net sales less cost of goods sold. records amounts owed earlier 9. The description of the amounts and timing of payments from a buyer to a seller for a purchase. 10. The amount of time allowed before full payment is due