Listed Below Are Several Accounts Listed from a Company's Trial

Essay

Listed below are several accounts listed from a company's trial balance. Next to each account put the letter corresponding to the transaction cycle used to audit the account.
S = Sales and collection cycle I = Inventory and warehousing cycle
A = Acquisition and payment cycle C = Capital acquisition and repayment cycle
P = Payroll and personnel cycle
1. ________ Sales returns and allowances 5. ________ Salaries and commissions
2. ________ Capital stock 6. ________ Cost of goods sold
3. ________ Buildings 7. ________ Trade accounts receivable
4. ________ Notes payable 8. ________ Rent