BA110 Theory Unit 4 #1. A balance sheet that lists assets on the left and liabilities and owner's equity on the right is called #2. is a statement that is prepared to prove the equality of total debits and credits after the closing process is completed #3. Journal entries made to update accounts for items that were not recorded during the accounting period is #4. To understand and explain the meaning and importance of something (such as financial statements) is #5. is that portion of an asset's original cost that has not yet been depreciated #6. A special owner's equity account that is used only in the closing process to summarize the results of operations #7. Journal entries that transfer the results of operations (net income or net loss) to owner's equity and reduce the revenue, expense, and drawing account balances to zero is called #8. Allocation of the cost of a long-term asset to operations during its expected useful life is #9 is an account with a normal balance that is opposite that of a related account #10 An asset account with a credit balance, which is contrary to the normal balance of an asset account is called