In the table below, the left column names several classes of transactions. The right column names several

In the table below, the left column names several €œclasses of transactions.€ The right column names several general ledger accounts.

Required:
Identify the general ledger accounts that are affected by each class of transactions.
Approach:
Match the classes of transactions with the general ledger accounts where their debits and credits are usuallyentered.

Transcribed Image Text:

CLASSES OF TRANSACTIONS GENERAL LEDGER ACCOUNTS Cash Accounts receivwable Allowance for doubtful accounts Cash receipts Cash disbursements Credit sales Sales returns and allowances Purchases on credit Purchase returns Uncollectible account write-offs Inventory Capital assets Accounts payable Long-term debt Sales revenue Investment income Expenses