The process of transferring entries in the general journal to the accounts in the general ledger is called ________________.

XYZ Company has just completed its first year of operations in Year 1. The company distributed dividends of $50,000. If the ending balance of Retained Earnings on December 31 of Year 1 is $70,000, and the company had revenues of $400,000 from Year 1 sales, then what is the total of the company's Year 1 expenses?

Amounts borrowed by a business for a relatively long period of time under a formal written contract or indenture are called _________________.

Which of the following is recorded only when another business enterprise is acquired?

______ is the financial obligation of a company in regards to a loan that accrues with the passage of time.

Which of the following options would NOT be classified as a current liability account?

Which of the following liabilities would be accounted for at the present value of future cash payments?

The process of recording transactions in the general journal or in a special journal is called ________________.

XYZ Company reported a balance in Accounts Receivable of $40,500 on January 1 of year 2. During Year 2, the company collected $127,500 from its customers who had purchased on account. On December 31 of Year 2, the company reported a balance in Accounts Receivable of $21,250. How much were XYZ Company's credit sales for Year 2?

At the beginning of the year, XYZ Company reported a $7,200 balance in its Prepaid Insurance account. At year end, the company reported Insurance Expense of $9,000 in its Income Statement and a balance of $3,800 in the Prepaid Insurance account. What was the cost of the additional insurance that was purchased during the year?

It is given that while performing the year end review of inventory, the Inventory had been overstated by 15000 dollars. In order to perform the appropriate adjustments, a certain account was credited. Which of the following accounts could it be?