Fill in the Blanks Using the Words Provided Below

Essay

Fill in the blanks using the words provided below:
Analyzing, Statement of Financial Position, crediting, debiting, journal, ledger, prepaid expenses, posting, unearned revenue.
a) The act of entering an amount on the left side of an account is called ___ the account, and making an entry on the right side is called ___ the account.
b) The basic steps in the recording process are ___ each transaction, entering the transaction in a ___, and ___ the information to appropriate accounts in the ___.
c) Expenses paid and recorded in an asset account before they are used or consumed are called ___. Revenue received and recorded as a liability before it is earned is referred to as ___.
d) The ___ reports the assets, liabilities, and shareholders' equity of a business on a specific date.