Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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eps in the accounting cycle are required; none is optional.
ACTIVITY 4: IDENTIFYING THE ACCOUNTS AFFECTED
Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions
described below. The first item is given as an example.
TRANSACTIONS
ACCOUNTS TITTLES AFFECTED
Example: Owner's cash investment to
Cash
Owner's Capital
the business
1. Sale of goods on account (disregard
cost of sales)
2.Charging the cost of goods sold #1
above as expense
3.Purchase of inventory for cash
4.Payment of utilities expense
5. Payment of accounts payable
DELL
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Transcribed Image Text:eps in the accounting cycle are required; none is optional. ACTIVITY 4: IDENTIFYING THE ACCOUNTS AFFECTED Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions described below. The first item is given as an example. TRANSACTIONS ACCOUNTS TITTLES AFFECTED Example: Owner's cash investment to Cash Owner's Capital the business 1. Sale of goods on account (disregard cost of sales) 2.Charging the cost of goods sold #1 above as expense 3.Purchase of inventory for cash 4.Payment of utilities expense 5. Payment of accounts payable DELL
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