Write the missing word(s) in the space provided, using the following words: accounts, asset, buying, cash, cash payments, credit, debit, document, expense, goods, journals, liability, owner’s equity, payable, receipts, receivable, revenue, source, tax invoice, trial balance.

1 A list of general ledger account balances is called a . . . . . . . . . . . . . . . . . . . . (2 words).

2 What the business owes to the owner is called: . . . . . . . . . . . . . . . . . . . . (2 words).

3 Funds received by another business is recorded in your . . . . . . . . . . . . . . . . . . . . journal (2 words).

4 Funds paid to your business is recorded in the cash . . . . . . . . . . journal.

5 The selling business both prepares it and sends it to the purchaser: . . . . . . . . . . . . . . . . . . . . (2 words).

6 Source documents are recorded in one of five . . . . . . . . . .

7 Every business event or transaction requires a source . . . . . . . . . .

8 A business can make a profit by buying and selling . . . . . . . . . . and services.

9 This document is used to record transactions in the business books: . . . . . . . . . .

10 A business makes a profit by . . . . . . . . . . and selling goods and services.

11 What the business owes is grouped as a . . . . . . . . . .

12 The GST . . . . . . . . . . account is a current asset.

13 When the business sells, the account is grouped as . . . . . . . . . .

14 What it cost the business is grouped as an . . . . . . . . . .

15 Using an electronic . . . . . . . . . . card replaces the need to have notes and coins.

16 Transactions recorded in the cash journals are for . . . . . . . . . . transactions.

17 What the business owns is grouped as an . . . . . . . . . .

18 General ledger page headings are called . . . . . . . . . .

19 Transactions recorded in the sales or purchases journals are made on . . . . . . . . . . terms.

20 The GST . . . . . . . . . . account is a current liability.