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Chapter004CompletingtheAccountingCycle4-1MatchingQuestions115.Matchthefollowingtermswiththeappropriatedefinition.1.TemporaryaccountsAccountsthatreflectonactivitiesrelatedtooneormorefutureperiods;theyincludeallbalancesheetaccounts.2.ProformastatementsRecurringstepsperformedeachaccountingperiod,startingwithanalyzingandrecordingoftransactionsinthejournalandcontinuingthroughthepost-closingtrialbalance(orreversingentries).3.ClosingentriesAccountsthatareusedtorecordtransactionsandeventsforoneaccountingperiodonly;theyincluderevenues,expenses,andwithdrawals.4.WorksheetAnalysesandotherinformalreportspreparedbyaccountantswhenorganizingtheinformationpresentedinreportsandfinancialstatements.5.AccountingcycleAtemporaryaccountusedonlyintheclosingprocessandtowherethebalancesofrevenueandexpenseaccountsaretransferred.6.Post-closingtrialbalanceAspreadsheetusedtodraftanunadjustedtrialbalance,adjustingentries,adjustedtrialbalance,andfinancialstatements.7.PermanentaccountsEntriesrecordedattheendofeachaccountingperiodtotransferend-of-periodbalancesinrevenue,expense,andwithdrawalsaccountstothepermanentowner'scapitalaccount.8.OperatingcycleofabusinessAlistofpermanentaccountsandtheirbalancesfromtheledgerafterallclosingentriesarejournalizedandposted.9.IncomesummaryThetimespanfromwhencashisusedtoacquiregoodsandservicesuntilcashisreceivedfromthesaleofthosegoodsandservices.10.WorkingpapersStatementsthatshowtheeffectsofproposedtransactionsasifthetransactionshadalreadyoccurred.Chapter004CompletingtheAccountingCycle4-2136.TheunadjustedtrialbalanceofE.Pace,Consultantisenteredonthepartialworksheetbelow.Completetheworksheetusingthefollowinginformation:(a)Salariesearnedbyemployeesthatareunpaidandunrecorded,$500.(b)Aninventoryofsuppliesshowed$800ofunusedsuppliesstillonhand.(c)Depreciationonequipment,$1,300.Chapter004CompletingtheAccountingCycle4-3138.ShownbelowareselecteddatatakenfromtheunadjustedandadjustedtrialbalancesfortheSimonsonCompanyforthecurrentyearendedDecember31.DeterminetheitemsAthroughHbelow.141.FollowingareselectedaccountsandtheirbalancesforacompanyaftertheadjustmentsasofMay31,theendofitsfiscalyear.(Allaccountshavenormalbalances.)Prepareallthenecessaryclosingentriesforthiscompany.