The annual accounting period adopted by a business is known as the company's year. The form often used by accountants to summarize, on one page, information relating to several of the steps in the accounting cycle is knows as a The purpose of the adjusted trial balance is to verify the, before the A are prepared. worksheet. of total debits and total credits Balance Sheet groups together similar assets and similar liabilities using a number of standard classifications and sections. Closing entries are made at the end of an accounting period, to transfer the balances of temporary accounts to which permanent account? Circle the items in parenthesis which complete the following statement. At the beginning of the closing process, the account Income Summary has a (positive, negative, zero) balance; and at the end of the closing process this account has a (positive, negative, zero) balance. List the nine steps in the Expanded Accounting Cycle, in the correct order, that were discussed in chapter 4. 1. 2. 3. 4. 5. 6. 7. 8. 9. Circle the account(s) which will have a zero balance after closing entries have been journalized and posted. Rent Expense Accounts Payable Prepaid Insurance Accumulated Depreciation-Equipment Service Revenue Income Summary Supplies Unearned Revenue Interest Receivable Page 1