Refer to the annual report of General Mills, Inc, for the year ending May 28, 2017 (fiscal year 2017), available on this book's Website. Review the consolidated balance sheets.

Required

a. Identify two assets listed in the consolidated balance sheets that indicate that General Mills uses the accrual basis of accounting. Which income statement accounts of General Mills are affected by adjustments to these assets accounts?

b. Identify two liabilities listed in the consolidated balance sheets that indicate that General Mills uses the accrual basis of accounting. Which income statement accounts of General Mills are affected by these adjustments?