To receive credit, all work must be shown for questions requiring calculations.

Question $1$: Match the descriptions to the related terms below. Write the corresponding letter in the blank.

Requires companies to record all transactions that can be expressed in terms of money

Unearned revenues are this type of account

A business owned by one individual

Revenues, expenses, dividends, retained earnings and common stock are all this type of account

This report proves that debits equal credits after posting is completed

This term indicates the buyer must pay the shipping charges

This account tracks the total amount of depreciation recorded since the asset was acquired

During the closing process, revenues are closed into this account

This inventory system updates inventory account for each inventory purchase and sale

Accounts receivable is this type of asset

A Accumulated depreciation

B Asset

C Balance sheet

D Current asset

E Depreciation expense

F Economic entity assumption

$G,$FOB destination

$H,$ FOB shipping point

I Income statement

J Income summary

K Longterm investment

L Monetary unit assumption

M Partnership

$N$ Periodic

O Perpetual

P Property, plant and equipment

Q Proprietorship

R Retained earnings

$S$ Stockholders' equity

$T$ Trial balance