record simple transaction in general journal 05/15 cash 160.00 checking 160.00 05/15 cash 160.00 credit cards payable 160.00 record compound transaction in general journal 05/15 checking 100.00 prepaid medical 20.00 income taxes 80.00 work revenue 200.00 examine all the transactions in general journal for an arbitrary period examine an account as of an arbitrary date examine all the transactions in general journal for the current period examine an account as of the end of last period close the general journal for the month close the general journal for the year produce a balance sheet as of the end of the most recent period produce an income statement for the current period produce a balance sheet as of the end of the any given period produce an income statement for any given period create new account within an existing set of books initialize a set of books from a text file containing the name, number, and initial balance of each account record transactions in specialty journals: cash disbursements journal, work revenue journal, etc. close the specialty journals for the month close the specialty journals for the year make system persistent, with data stored in flat files import data from data file provided by bank (.qks, .xls, ...)