What accounts are affected in the income statement

Assignment Help Managerial Accounting

Reference no: EM132667238

Problem 1: In the Sales and Cash Receipt Transaction cycles, what accounts are affected in the Balance Sheet?

Option 1: Sales, Sales Returns

Option 2: Inventory, Accounts Payable

Option 3: Cash, Accounts Receivable

Option 4: Payroll Tax Expense, Freight - In

Problem 2: In the Purchases and Cash Disbursements Transaction cycles, what accounts are affected in the Income Statement?

Option 1: Inventory, Prepaid Rent

Option 2: Bad Debt Expense, Sales Returns

Option 3: Dividends paid, treasury stock

Option 4: Purchases, rent expense

Problem 3: Which of the following transactions would NOT be recorded in the Accounts Receivable journal?

Option 1: Cash sale

Option 2: Charge sale

Option 3: Credit memo allowance for defective merchandise

Option 4: Sales Return

Reference no: EM132667238

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