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
2.________ Capital stock
3.________ Buildings
4.________ Notes payable
5.________ Salaries and commissions
6.________ Cost of goods sold
7.________ Trade accounts receivable
8.________ Rent