Term for Identification: Battle of Midway Island

question 29

Short Answer

Term for identification: Battle of Midway Island

---

Definitions:

Withdrawals

refers to the act of taking money out of a bank account, or to the owner taking funds out of the business for personal use.

Net Loss

The amount by which total expenses exceed total revenues for a business over a specific period of time, indicating financial loss.

Trial Balance

A bookkeeping report that lists the balances in each of a company's general ledger accounts in two columns, debits and credits, ensuring that total debits equal total credits.

Accounts Balances

The amounts in accounts that represent the difference between the debits and credits recorded.