What accounts are affected in the balance sheet

Assignment Help Accounting Basics

Reference no: EM132688336

Question 1: In the Accounting Process, what steps are considered inputs?

Option 1: Transactions Occur, prepare documents

Option 2: Prepare documents, record in journals, post to ledgers

Option 3: Prepare trial balance, post adjusting entries

Option 4: Prepare closing entries, prepare financial statements

Question 2: 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

Reference no: EM132688336

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