Instructions: Identify the Following

question 40

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Virginia v. Monitor

---

Definitions:

Advance

A payment made before it is due or for goods and services yet to be received.

Income Summary

An account to which all revenue and expense accounts are transferred at the end of an accounting period to summarize the results of operations for that period.

Normal balance

The side of an account (debit or credit) where increases in the account are recorded, depending on the account type.

Inventory balance

The total value of all goods and materials held by a company intended for sale or production.