Accounting ch 18

An amount that is added to or subtracted from an account balance to bring that balance up to date.

• Adjustment

• Asset

• Ten column worksheet

• Accounts payable

The merchandise a business has on hand at the beginning of a period.

The merchandise a business has on hand at the end of a period.

An actual count of all merchandise on hand and available for sale.

An expense paid in advance.

Journal entries that update the general ledger accounts at the end of a period.