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Mr. Gregory White
Mr. Gregory White, Master's Degree
Category: Business and Finance Homework
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6- 24 ( Objective 6- 4) The following general ledger accounts

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6- 24 ( Objective 6- 4) The following general ledger accounts are included in the trial balance for an audit client, Jones Wholesale Stationery Store.
Accounts payable Insurance expense
Accounts receivable Interest expense
Accrued interest expense Inventory
Accrued sales salaries Loans payable
Accumulated depreciation— Notes payable
furniture and equipment Notes receivable— trade
Advertising expense Prepaid insurance
Allowance for doubtful accounts Property tax expense
Bad debt expense Property tax payable
Cash Purchases
Common stock Rent expense
Depreciation expense— furniture Retained earnings
and equipment Salaries, office and general
Furniture and equipment Sales
Income tax expense Sales salaries expense
Income tax payable Telecommunications expense
a. Identify the accounts in the trial balance that are likely to be included in each transaction cycle. Some accounts will be included in more than one cycle. Use the format that follows.
Cycle Balance Sheet Income Statement
Accounts Accounts
Sales and collection
Acquisition and payment
Payroll and personnel
Inventory and warehousing
Capital acquisition and repayment

b. How will the general ledger accounts in the trial balance most likely differ if the company were a retail store rather than a wholesale company? How will they differ for a hospital or a government unit?
Submitted: 4 years ago.
Category: Business and Finance Homework
Expert:  Mr. Gregory White replied 4 years ago.
Here is the answer to this set of questions

All the best

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