ABC Multiple choice 1) The accounting entity concept states that each entity: a. can be separately identified and accounted for. b. cannot reasonably report all of its activities in financial statements. c. cannot distinguish events of the business from its owners. d. will remain in operation for the foreseeable future. 2) The total of the sales on account column recorded in the sales journal is posted using a. Dr the following entry: General journal Cr Special journal b. Dr Sales Cr Inventory c Dr Sales Cr d. Dr Accounts receivable Cr Cost of sales Sales