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The responsibility for ordering, receiving, and paying for merchandise should be assigned to different individuals.  

__________ hold your breath for more than a minute?

Yesterday, I __________ study all day for my French final. I didn’t get to sleep until after midnight.

Using the sales method for calculating bad debts expense, the calculation derived equals the ending balance of the allowance for doubtful accounts. 

His number was busy all night. He __________ been on the phone continuously for hours.

You __________ pay taxes every year.

A debit or credit memo describing entries in the company’s bank account may be enclosed with the bank statement.  An example of a debit memo is:

She __________ study last night, so she didn’t.

When an asset is sold (or disposed of) at any time other than the beginning of an accounting period, additional depreciation is recorded for part of a year at the date of the sale so that the year of sale/disposal is charged with its share of the asset’s depreciation. 

A bank reconciliation is generally prepared by the bank and sent to the depositor along with canceled checks.