Current Attempt in Progress Match each term or phrase with its description below. a. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts toa permanent stockholders' equity account, Retained Earnings. Revenue, expense, and dividend accounts whose balances a company transfers to Retained Earnings at the end of an accounting period. The planned timing of revenues, expenses, gains, and losses to smooth out bumps in net income. An account that is offset against an asset account on the balance sheet. A temporary account used in closing revenue and expense accounts. Balance sheet accounts whose balances are carried forward to the next accounting period. The process of allocating the cost of an asset to expense over its useful life. Adjusted trial balance Adjusting entries Book value Closing entries Contra asset account Depreciation Earnings management Income Summary Permanent accounts Prepaid expenses (prepayments) Temporary accounts The income statement for the Flint Golf Club Inc. for the month ended July 31 shows Service Revenue $19,800, Salaries and Wages Expense $8,550, Maintenance and Repairs Expense $2,530, and Income Tax Expense $1,270. The statement of retained earnings shows an opening balance for Retained Earnings of $20,950 and Dividends $1,820. (a) V Your answer is correct.(b) Your answer is incorrect. What is the ending balance in Retained Earnings? Ending balance in Retained Earnings $ e Textbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit