Describe how the transactions fit into the accounting cycle

Reference no: EM131884591

Question: 1. Assume you manage a music store. From the following business activities, evaluate and describe how the transactions might be accounted for and recorded. Include examples of each transaction below showing journal entries and hypothetical amounts using T-accounts. Be sure to name each account used:

Receipt of cash from sale of CDs

Payment of cash for building rent

Payment of cash for a utility bill

Receipt of cash from payment on account

Describe how these transactions fit into the accounting cycle. How would the accounting process flow? Note: The preparation of financial reports is not required, just a narrative description.

Reference no: EM131884591

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